Thursday🗓️ "February 5th"

The cryptocurrency market continues its deep correction trend, with all major coins under pressure. Bitcoin (BTC) and Ethereum (ETH) are both in technical rebound phases within a bearish trend. If key support levels break, the decline will deepen; if they can consolidate sufficiently in the sideways zone, a decent rebound may be on the horizon...

Yesterday's rapid crash triggered a large number of long liquidations, and the subsequent violent rebound caused short sellers to pay the price. The trigger for this round of correction mainly stems from the collective pressure on global risk assets and increased macro policy uncertainty. Although the three major US stock indices experienced a "deep V" rebound after falling, the rebound strength was limited. Both leading cryptocurrencies are under systemic downward pressure, with current prices hitting new lows. Bitcoin has retraced nearly 40% from its $125,000 high, and Ethereum's movement is more volatile, retracing about 55% from its $4,950 high. Its correction is significantly larger than Bitcoin's, and the selling pressure is more pronounced.

It is worth noting that Bitcoin has experienced four consecutive months of decline, the longest streak since 2018, with market sentiment extremely pessimistic. However, from a historical cycle perspective, such extreme depression often signals a bottom, reflecting increased market volatility and widening divergence between bulls and bears. Key levels are still fiercely contested.

Technical analysis:

Bitcoin (BTC): The candlestick chart shows a bearish arrangement, with daily candles continuing to close lower. The price is below the moving average system, the lower Bollinger Band is opening downward, and the MACD has a death cross with increasing green bars. The bearish pattern is complete, indicating the market is in a low-volatility consolidation phase after a decline. The overall trend is weak, and in the short term, it is expected to fluctuate widely between $72,000 and $78,000.

🎯 Bitcoin BTC 74,500-75,000 Short, target 73,500-73,000. After breaking below, watch for 72,000-71,000.

Ethereum (ETH): The candlestick chart also shows a bearish trend, with weak daily candles. The price has broken through multiple moving averages, and the lower Bollinger Band continues to extend downward. The bearish momentum is strong, with no strength for a rebound. Short-term bearish momentum has not fully released, and it is expected to fluctuate between $2,100 and $2,400.

🎯 Ethereum ETH 2,180-2,200 Short, target 2,100-2,070. After breaking below, watch for 2,000-1,980.

The current market remains in a bearish consolidation phase. Core strategy: follow the trend, be cautious with bottom fishing, control positions, avoid blindly bottom-fishing or chasing rallies, and wait for signs of market stabilization before making strategic entries.

For real-time market quotes and precise levels, please refer to Ziqing's live trading signals...$BTC $ETH