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Overnight, the three major U.S. stock indexes closed with mixed results, with the Nasdaq rising by 0.07%, the S&P 500 rising by 0.08%, and the Dow falling by 0.12%. Large-cap tech stocks experienced varied movements, with Tesla rising by over 5%, Google by over 1%, Amazon, Google, and Apple seeing slight increases, and Meta remaining flat; Nvidia and Intel falling by over 1%, and Netflix seeing a slight decline. The encryption market saw a widespread decline, with BTC briefly breaking through $70,000 and quickly experiencing a Long Wick Candle to the downside, falling to a low of $66,350, while ETH fell to a low of $3,257. The futures market frequently saw both long and short positions getting liquidated. The market is now awaiting the upcoming non-farm payroll data to be announced this week, as well as the monetary policy decision by the Federal Reserve.

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Yesterday, BTC trading hours fluctuated and broke through the 70,000 level, testing the resistance level at 70,000. The upper pressure is strong, directly starting a large-scale movement. BTC directly fell below 67,000, which also washed away a wave of bullish traders. The trend is still giving a retracement and testing the bottom support level. But looking at this retracement, the rebound in the future will still be significant. Currently, the price first fell to the lower support level near 66,500, and after hitting the bottom, it started to hover around 67,000. The MACD shorts on the technical side are shrinking, combined with the positive news and market trends, the short-term bullish potential still exists. The key is to observe the support situation at the 66,500 level. As long as it can be maintained above the 66,500-67,200 range, the pump is considered to continue!

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ETH's trend is even weaker, longs have been unable to break through the resistance line at 3500. Yesterday, it rebounded to the pressure line at 3396 and fell back under pressure, falling to the support line at 3257 before starting a rebound. Currently, it is trading around 3320. The overall downward fall of ETH is limited, mainly due to the limited pump space in the previous period. Currently, all the hourly charts have stabilized and started to show a long lower shadow. For the short term, we need to follow the situation at the 3350 line. On the 4-hour chart, it just rebounded after reaching the support line at 3250, and now it is hitting the support again for another rebound. In the future, we need to see the confirmation of the resistance level after the rebound, and then we can continue to short based on this level. We have mentioned several times whether the current longs can return to the previous high, which still depends on the short-term watershed at the 3600-3650 line. Otherwise, the view remains unchanged and we will see another round of falling, and the magnitude of the fall will definitely break a new low again!