The cryptocurrency market has recently shown a complex situation. Since Bitcoin rebounded from the bottom on the 3rd, its performance has not been strong. During the rebound, the Trading Volume shrank, failing to even reach the critical position of 106,000 USD, and the overall trend appears weak and powerless. Currently, Bitcoin is still consolidating within the daily downtrend channel, and the support level of 112,000 USD may be difficult to hold, showing a continuation of the fall with a lack of obvious bullish momentum.

From a technical perspective, the market is forming a converging triangle pattern (composed of an upward trend line and a downward channel). Theoretically, this consolidation phase may last until around the 17th. Investors should closely monitor the breakthroughs of new lows and highs to determine the direction of the market.

At the same time, Ethereum has shown a trend independent of Bit. Although it has broken through the previous upward channel, the key now is whether it can stabilize at the middle band of the daily Bollinger Bands. If it successfully stabilizes, there is still room for Ethereum to rise in the future.

The performance of most mainstream tokens is relatively weak, following Bitcoin's daily downtrend, failing to rise in sync with Ethereum. This divergence is one of the most notable characteristics of the current market.

The PEPE token is barely supported at the lower edge of the converging triangle and may break down at any time. It is recommended to wait and see as the Trading Volume has not significantly increased. The SUI token is performing slightly better, showing signs of stabilization, but lacks upward momentum. In the short term, it may continue to consolidate sideways. If considering buying on dips, around 3.1 and 2.85 dollars may be good entry points.

Overall, the market is still in an adjustment phase, lacking clear bullish or bearish factors. It is expected that the consolidation may continue until the end of the month before a clear direction emerges. During this period, investors may consider implementing a short-term trading strategy of selling high and buying low to cope with the current market environment.

It is worth noting that Ethereum is still worth paying attention to, and it is recommended to maintain a certain position to seize potential opportunities.