An early morning bullish candle broke the weekend range-bound market. Bitcoin broke through the key resistance at 63,500, hitting a high of 63,979 before retreating and now consolidating around 63,500. Ethereum followed Bitcoin, briefly spiking to 1,808 before being quickly pushed back.

The current market structure is a typical short-term bullish but medium-term bearish trend. On the 4-hour timeframe, Bitcoin has repeatedly surged and formed long upper wicks, indicating heavy selling pressure from overhead positions. Multiple attempts near 63,800 have faced strong resistance and quickly pulled back, showing insufficient buying strength to sustain the rally. With low volume, a breakout above the upper range boundary is unlikely. The Bollinger Bands are significantly contracting, and market volatility continues to compress, with price oscillating between the upper and middle bands. The next focus is on Bitcoin's breakout direction. For now, a short position can be taken, and after a pullback to support at 62,000, a long position can be considered if the level holds.

Trade idea: Short Bitcoin at 64,000–64,500, target around 62,000.
Trade idea: Short Ethereum at 1,800–1,830, target around 1,700.
#ETH突破1700 $BTC ‌$ETH ‌