Is Bitcoin breaking above 71,000 a bull run or just a fleeting moment?

Bitcoin seemed to hit a new high after the US stock market closed yesterday, but in reality, it was just testing the resistance at 71,665 — a false breakout. It didn't stabilize at that level and quickly turned back down, even breaking below the bearish flag pattern. Attempts to rebound and recover the flag range also failed. Currently, the key resistance zone is between 70,079 and 71,030. Only if it can re-enter this range is there a chance for further upward movement.

If it can't even get back into this zone and breaks below the support at 69,212, the next target is 68,210. More importantly, the previous critical large bullish candle has been broken, and the support at 69,212 has been tested repeatedly. The probability of it not holding is very high, and a rally without a proper pullback carries inherent risks.

$BTC Trading strategy: Short at 70,750-71,200 with a 800-point stop; target below 68,700, looking at 68,100-67,400. Resistance levels are at 70,121, 70,839, and 71,460; support levels are at 69,350, 68,361, and 67,289.

Ethereum's trend is even weaker. It has failed to break through the range three times, with strong resistance at the upper boundary of the range. It also broke below the 2,055 support. If it can't rebound above this level, the next target is 1,980.

$ETH Trading strategy: Short at 2,025-2,041 with targets below, support at 2,010, 1,963, and 1,922. After breaking below 2,007 on the 4-hour chart, look at 1,956-1,910.