Recently, the Bitcoin market has shown a fluctuating trend. From a Technical Analysis perspective, the Bitcoin price has started a pullback from the resistance level of $108,800, reaching a low of $105,100. Currently, the Bitcoin price is fluctuating narrowly around $107,000.

Market analysts point out that $106,500 has become a key point for the battle between bulls and bears. The price has fallen below the 23.6% Fibonacci pullback level ($106,800), while the 100-hour moving average has formed effective resistance. In the short term, investors need to pay close attention to the support range of $105,500 to $105,000.

From the perspective of trend prediction, if Bitcoin is unable to effectively break through the $106,500 mark, it may further dip into the $104,200 to $103,500 range. Conversely, if it can effectively break through this resistance level, it is expected to test the $108,000 level.

Meanwhile, Ethereum is currently hovering around $2460, but its on-chain data is showing positive signals. Data indicates that over 30 million ETH have been transferred to long-term holding wallets, with the inflow rate to cold wallets reaching a new high for this cycle, indicating that investor confidence in the long-term potential of Ethereum is increasing.

In addition, the Ethereum network's activity has significantly increased, with daily transaction volume surpassing 1.5 million, reaching the highest level since the beginning of 2023. The number of smart contract calls has grown by 37% month-on-month, reflecting the prosperous development of the ecosystem.

It is worth noting that some emerging public chains are also showing positive signs. For example, the staking rate of HBAR has exceeded 65%, while the computing power of FIL has surpassed 28EiB. These data indicate that the implementation of enterprise-level applications in the blockchain field is accelerating.

Despite the significant short-term market fluctuations, long-term investors seem to be quietly positioning themselves, which may indicate the future development trends of the cryptocurrency market. While investors pay attention to short-term price fluctuations, they should also keep an eye on the progress of underlying technology and application scenarios.