2.28 Weekend Bitcoin and Altcoin Update: Is It a Consolidation Phase?

Bitcoin and Ethereum surged to around 70,000 and 2,150 respectively, then experienced a significant pullback, dropping to approximately 63,000 and 1,840. Although the decline was substantial, it did not break below the previous support zone, and the overall pattern remains in a wide-range consolidation.

From the monthly chart perspective, there have been nearly six consecutive months of bearish closes, with a notable decline. However, this month’s monthly candle is expected to show a long lower shadow, which could signal a stabilization in market sentiment.

The four-hour and daily charts indicate that there is still some room for further retracement below, but as long as the support zone holds, the possibility of a rebound remains. If key support levels are broken, the trend could turn bearish. With the weekend market showing a pattern of oscillation and downward movement, attention should be paid to the strength of the recovery. After this downward move, once support is established, the weekend could enter a consolidation phase.

Bitcoin consolidation range: 62,500-64,500;
Ethereum consolidation range: 1,820-1,880.

Personal opinion, for reference only, not investment advice!