Dear readers, I have recently taken a break for personal reasons, but I am now back to bring you the latest market trends and analysis. Let's revisit my previous predictions: I mentioned that Bitcoin might first rise close to or slightly above the previous high, and then enter a significant correction. It turns out that this judgment was quite accurate.

Bitcoin has indeed broken through its previous high, reaching around $124,500, and then started a significant pullback. Currently, it has dipped to around $111,900, creating a considerable retracement space.

Now, let's focus on the current market situation. In terms of Bitcoin, after experiencing several days of decline, a bullish candlestick appeared yesterday, indicating a brief correction. However, this morning, a larger bearish candlestick was presented again, and the price fell below the moving average level once more. Technical indicators continue to decline slowly, and the retracement trend is very evident.

From a 4-hour perspective, Bitcoin is gaining support near $111,900, forming a potential double bottom structure with the previous low of $111,800. However, it is worth noting that the rebound strength is insufficient, as it quickly fell back after touching the middle band of the Bollinger Bands. If it breaks the support level again, the downside risk will increase. Therefore, investors are advised to closely monitor the opportunities for a rebound correction, with shorting at high positions as the main strategy.

On the Ethereum side, despite starting to oscillate downwards after hitting a new high of $4794, the overall performance remains relatively strong. Although there was a bearish candle in the early trading today, the decline was relatively small.

Overall, the current cryptocurrency market is in a consolidation phase, and investors need to remain cautious and closely monitor the performance of key support levels, while also keeping an eye on potential rebound opportunities. The market is quite volatile, so it is advisable to operate carefully based on one's own risk tolerance.