#美SEC和CFTC加密监管合作# Today's midday market analysis:

The price of Bitcoin has formed a temporary top after reaching the 115,000 level, and is currently showing a fluctuating downward trend, with the overall market focus continuously shifting downwards. Recently, the K-line pattern has mainly alternated between small bullish and bearish lines, reflecting the cautious game between bullish and bearish forces in the current market, especially with today's trading closing with a solid bearish line, where the closing price is significantly lower than the opening price, further reinforcing the short-term pressure signal.

From a technical indicator perspective, the daily level DIF and DEA indicators have formed a sustained downward crossover trend, and the MACD indicator has also completed the trend conversion from red to green, with the green histogram continually increasing, indicating that bearish forces are gradually taking control of the market rhythm. Combined with the performance of the previous trading day, the small bullish candle formed after the price drop more reflects a technical repair after the sharp decline at the beginning of this week, essentially still belonging to a consolidation phase within a downward trend, and the short-term bearish pattern has not changed. Only if the price can firmly stabilize above the 117,000 points can it be seen as a reliable signal for a trend reversal.

Volume data further confirms the current weak characteristics, with a significant increase in trading volume during the downtrend, while the trading volume continues to decrease during the rebound phase. This asynchronous movement of volume and price further confirms that the market is currently dominated by bears. Analyzing from the perspective of macro market linkage, under the expectation of interest rate cuts by the Federal Reserve, Bitcoin, as the core asset of cryptocurrencies, typically initiates the market ahead of others. However, due to their inherent high volatility, other cryptocurrencies are unlikely to gain mainstream attention until Bitcoin's market enters a clear upward phase, and are likely to continue to maintain a following oscillation trend in the short term.

Operation Suggestions:
Bitcoin: Consider shorting in the range of 112300-112600, with a target near 111000-110500.
Ethereum: Consider shorting in the 4050-4080 range, with a target around 3930-3950.