Affected by the sharp volatility in market sentiment during the night, the cryptocurrency market exhibited a "deep V" movement. Bitcoin experienced a sharp sell-off last night, with its price dropping to a key support level of 102,255, recording the largest daily decline of over 4,000 points, before starting to regain some ground under the intervention of bullish funds. As of the time of writing this report, it has recovered to a level of 103,700 and is moving in a volatile manner. Meanwhile, Ethereum also faced pressure, dropping to a low of 2,363 during the night, before beginning a moderate rebound during today's Asian market session, and is now trading near 2,430, indicating that panic sentiment in the market has eased somewhat in the short term. It is worth noting that the correction movement that occurs after significant volatility in major cryptocurrencies may signal the beginning of a power struggle between buyers and sellers next week.

The market performance over the weekend shows clear signs of stagnation, as both buyers and sellers have been unable to mount an effective attack, resulting in price fluctuations within a narrow range. Analyzing the technical chart on a daily level, the downward trend of prices received effective support after touching the support level at the lower Bollinger band, which stimulated a technical rebound. Currently, the market is in an energy accumulation phase at low levels. Although short-term movement tends to weaken, the bullish trend in the medium and long term has not changed drastically. This correction can be seen as a secondary correction of the previous upward momentum, where the weak energy of buyers in the previous period led to a retest of key support levels again, helping to reinforce the bottom structure by testing the bottom once more. It is worth noting that the extent of the price decline in this round closely aligns with previous expectations, confirming the effectiveness of technical analysis.

Bitcoin can be bought around 103500, with a watch around 105000. Ethereum can be bought in the range of 2410-2420, with a watch around 2500. #BTC