Bitcoin surged to the 114962 level in the morning but faced pressure and fell back. In the afternoon, it showed a slow downward trend, but the downside space is limited, currently touching a low of 114166. Observing the hourly level, after a false dip, signs of stopping the decline have emerged, and the current support level is showing a slow upward trend. The short positions continue to shrink, indicating that Bitcoin is entering a correction phase. The correction process usually requires time to digest. Short-term support can be focused on the area around 114000. The price may form a local consolidation platform around this support or perform a retracement for confirmation. The depth of the retracement will determine the nature of the adjustment: a deep retracement indicates adjustment, while a shallow retracement leans towards sideways consolidation. Whether the market can stabilize and regain strong upward momentum needs to observe the recovery of the key resistance above.

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Ethereum synchronized and rebounded at the 3481 support level, reaching a peak of 3575, then retreated to around 3540 for consolidation. From the current trend, after a deep correction, the bullish momentum has gradually gained strength. Although the short-term effect has not fully manifested yet, the bearish momentum has shifted to a weak state after a period of continuous release, failing to form effective resistance. From the one-hour level, the market formed a double bullish rebound after a drop, but the MACD indicator's two lines are gradually converging, and the histogram has fallen below the 0 axis, indicating that the market is likely to trend downward in the future. Therefore, in the afternoon operations, we still maintain the idea of shorting after the rebound.