$BTC ‌Bitcoin (BTC)：

Yesterday, BTC strongly broke through the key psychological level of $70,000, reaching a high around $72,800 before forming a consolidation followed by a pullback. At present, BTC has successfully converted $70,000 from the prior major resistance level into the first support level, which is an important shift in trend structure. In terms of technical indicators, on the 4-hour timeframe the upward trend of the Bollinger Bands remains unchanged, but the MACD shows weak contraction in volume above the 0 axis; the fast and slow lines are narrowing toward a first-time critical convergence point, suggesting that a directional choice may be present in the short term. The 1-hour chart shows BTC near the lower Bollinger Band; MACD is below the 0 axis with weak volume expansion, the KDJ three lines are approaching 10 and an oversold condition is forming. RSI shows signs of a rebound from low levels, indicating that a short-term rebound and repair may be possible.

Ethereum (ETH)：

ETH is relatively weaker. The ETH/BTC exchange rate is currently about 0.0308, down from the earlier period and still unable to break through the resistance zone of 0.032. ETH found support in the $2,150–$2,170 area, with resistance above at $2,260–$2,300. After breaking through this zone, it may be able to challenge the prior high of $2400. On the 4-hour level, ETH shows a clearly fluctuating pattern; trading volume continues to shrink, and bulls and bears are engaged in an intense contest within the current range.
The current market is in a critical stage of “short squeeze-driven rebound → high-level consolidation to digest → waiting for guidance from macro variables.” BTC’s successful recovery above $70,000 is a positive technical signal, but the derivatives-dominated upward structure, ETF fund divergence, and macro uncertainty all mean that trend confirmation still needs more validation. In the short term, resistance above is at $72160 (the 50-day moving average) and $73000–$75000, the historical high-transaction-density area; for support, watch the $70000 psychological level and the prior consolidation range of $68000–$68500. Going forward, pay close attention to whether spot funds can take the lead in entering the market, as well as the subsequent direction of macro risk events.