Spring Festival market floodgate adjustment, multi-currency pressure levels to be verified

The market on the first day of the Lunar New Year was not as calm as expected, but instead showed clear signs of adjustment pressure. Looking at last week’s price movements, Bitcoin experienced a brief rally before quickly releasing floodwaters at a critical level. Market volume remains insufficient, and the overall pattern is characterized by high-level oscillations. Currently, technical indicators still show limited bullish momentum, so short-term trading should focus on defending high levels.

Bitcoin: Accumulating Resistance, Adjustment Imminent

Bitcoin is facing multiple resistance levels. According to the latest data, BTC is priced at $66,260, down 2.44% in 24 hours. Last week, there was a significant flood around 70,100, with clear resistance zones at 70,500 and 71,400. If the price rebounds to these levels, caution is needed for a possible second decline.

On the downside, key supports are at 66,300 and 65,700. Of particular note is 65,700; if it breaks, it’s necessary to observe whether a rebound occurs. Otherwise, further downside potential remains.

Solana: Short-term Pressure, Likely to Drop Further

Solana’s technical outlook is relatively weak. SOL is currently priced at $82.97, down 5.14% in 24 hours. From a technical perspective, $89 is the main resistance level in the near term. Only after breaking this can it challenge $92.30.

If the rebound weakens, support levels are at 81.8 and 79.3. The current trend suggests it’s more likely to seek support downward in the short term, so bulls should be cautious.

Ethereum: Mid-term Downtrend, Bottom Support Is Crucial

Ethereum has also experienced a significant correction. ETH is currently at $1,960, down 5.06% in 24 hours. Technically, attention remains on whether the $2,035 resistance can hold. If there is room above, resistance shifts to $2,077.

On the downside, the first support is at $1,915, with a lower support at $1,865. The strength of rebounds in this area will directly influence the subsequent trend. The effectiveness of bottom supports is critical for future market direction.

Overall Market Outlook

The market correction during the Spring Festival is not accidental but a natural result of insufficient volume at high levels. Across multiple cryptocurrencies, different degrees of pressure are evident, and the stability of support levels below will be key to judging the next move. The market is currently in a phase of choosing direction, with a higher probability of first testing bottom supports before determining the trend. Investors should strictly control risks and remain cautious until clear technical signals emerge.