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In the early hours of today, the cryptocurrency market experienced a significant fluctuation. Yesterday morning, Bitcoin briefly surpassed the high of 124500, but then saw a notable retreat. After the release of the U.S. Producer Price Index (PPI) in the evening, the market faced a larger decline, with Bitcoin dropping to a low of around 117000.
In the past hour of trading, the market has exhibited interesting characteristics. Whenever the price rebounds, it has failed to break through the key support levels. When the price reaches the midline, it always bounces back quickly, indicating that this level has strong support. Currently, there is a strong bearish sentiment in the market, with many investors holding short positions, but the market trend may soon reverse.
Bitcoin is currently fluctuating within the range of 117400 to 116500, and may attempt to surge towards the range of 119200 to 120000 in the short term. Ethereum is fluctuating within the range of 4450 to 4520, and is expected to climb towards the range of 4650 to 4720.
Despite the U.S. July PPI annual rate being higher than expected, the market still holds expectations for Ethereum to reach a new all-time high. Investors should closely monitor market trends, operate cautiously, and manage risks effectively.