Looking at the recent 1-hour liquidity distribution of Bitcoin and Ethereum, the situation is a bit tense, and dark clouds are indeed gathering above.

At around 5:00 AM Beijing time, the futures market experienced another rapid plunge. To be honest, today's buyers still have some strength—there was no sign of panic selling or massive follow-on sell-offs. However, the trouble is that the short positions in the 93500 to 94000 range have already set up defenses, and the main force has officially entered the scene.

There is basically no strong support funds waiting at the lower levels for Bitcoin. In contrast, on the Ethereum side, the buy orders around 3150 are quite solid, with about 40 million in scale lurking there. The comparison between these two assets is quite interesting—one faces heavy resistance above, while the other has support below. The next move depends on the actions of the futures market.