Bitcoin and Ethereum Buyers Are Trying to Control the Market — and So Far, They're Doing Quite Well

However, it's important to note that the longer we remain below $95,000, repeatedly failing to consolidate above this range, the higher the chances of a larger correction in Bitcoin. The same applies to Ethereum, but the key level is $1,800.

Meanwhile, recent data shows that BTC supply on exchanges has dropped to a 7-year low. This scarcity could trigger a new market rally at any moment, provided new participants have renewed interest. Many experts attribute this trend to several factors. First, an increasing number of institutional investors are accumulating Bitcoin for the long term, withdrawing it from exchanges and storing it in cold wallets. Second, miners generating new blocks are also opting to hold their coins, anticipating further price growth.

Bernstein and Bitwise continue to speak about an impending supply shock driven by declining exchange reserves and rapidly growing institutional demand. This adds another reason to believe in the ongoing medium-term bullish trend in the cryptocurrency market.

As for the intraday strategy, I will continue acting based on any major pullbacks in Bitcoin and Ethereum, expecting the medium-term uptrend — which hasn't gone anywhere — to remain intact.

Below are the short-term trading strategy setups:

Bitcoin

Buy Scenario

Scenario #1: I will buy Bitcoin today upon reaching the entry point around $94,700, targeting a rise to $95,800. Around $95,800, I plan to exit the long position and sell on a pullback.

Important: Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Buying from the lower boundary at $93,900 is also possible if there is no market reaction to its breakout — with a bounce back toward $94,700 and $95,800.

Sell Scenario

Scenario #1: I will sell Bitcoin today upon reaching the entry point of around $93,900, targeting a decline to $93,100. Around $93,100, I plan to exit the short and immediately buy on the rebound.

Important: Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Selling from the upper boundary at $94,700 is also possible if there is no market reaction to its breakout — with a return toward $93,900 and $93,100.

Ethereum

Scenario #1: I will buy Ethereum today upon reaching the entry point around $1,805, targeting a rise to $1,829. Around $1,829, I plan to exit the long and sell on a pullback.

Important: Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Buying from the lower boundary at $1,786 is also an option if there is no market reaction to its breakout — with a bounce back toward $1,805 and $1,829.

Sell Scenario

Scenario #1: I will sell Ethereum today upon reaching the entry point around $1,786, targeting a drop to $1,762. Around $1,762, I plan to exit the short and buy on the rebound.

Important: Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Selling from the upper boundary at $1,805 is also possible if there is no market reaction to its breakout — with a return toward $1,786 and $1,762.