February 5th BTC/ETH:

Bitcoin drops below the critical 7,000 level, is the four-year cycle curse still in effect?

First, the main force on Wall Street's spot ETF has sold off $1.2 billion in one week, totaling $5.5 billion in sales over three months. Slightly smaller institutions are also rebounding at high levels to shake out weak hands. The panic institutions are either on the verge of liquidation or already being liquidated. It was previously mentioned that dropping to 7,450 is definitely not the bottom. This is a chain reaction of panic selling caused by fear. Those who can't hold on are following the trend and selling off!

BTC
Currently, the weekly chart shows three consecutive bearish candles. The weekly bottom at 7,450 has been broken. Breaking below 7,000 is not surprising. Below 7,000 is a zone with heavy competition for chips, but without policy support, this won't be the bottom either. A cautious bottoming approach suggests watching the 5,000-6,000 range. There is a short-term oversold rebound demand on the daily chart, with resistance at 7,180. Proper position management can allow for a rebound and stabilization above, with attention to 7,270-7,410 and then waiting for a rebound.

Focus on the 7,160-7,210 range, with support at 7,300. The target is 7,000-6,860. If broken, look further down to 6,670-6,520.

ETH
Focus on the 2,134-2,159 range, with support at 2,206. The target is 2,077-2,032. If broken, look further down to 1,973-1,896.

Short-term trading is flexible and depends on your actual position. Adjust your defense accordingly! $BTC #当前行情抄底还是观望？