BTC soared to $57,000, just a step away from the $60,000 mark. At the same time, the short-term on-chain profit ratio has reached a new high. Similar short-squeeze situations occurred in 2017, 2020, and 2021.

After the ETF went online, BTC holdings reached a new all-time high. Both new and old funds in the market have started to compete. Some believe it's suitable to take advantage of the current situation and then exit, rather than chasing higher prices. The inflow of funds into the ETF has become an indicator of market direction. Once the inflow weakens, a significant correction is likely to occur.

BTC:

On-chain addresses holding BTC have a positive impact on BTC's outlook. BTC rebounded at the 5-day moving average, with higher lows. The hourly chart indicates a short-squeeze situation, and the key level formed by the spike is at $57,567. Only by holding above $57,567 can the current consolidation be broken, initiating a new round of short-squeeze rally. Next, BTC will test the $57,567 level on the upside.

Resistance levels: $57,567, $58,122, $58,734

Support levels: $56,854, $56,258, $55,657

ETH:

With the upcoming London upgrade, there is a positive outlook for ETH. ETH has been strengthening along the 5-day moving average and is still in a bullish trend. The hourly chart shows a double spike pullback, confirming a "M" pattern, accompanied by bullish volume. ETH needs to test higher levels further and quickly rise above the $3,284 mark to enter a rally. Next, ETH will test the $3,284 level on the upside.

Resistance levels: $3,284, $3,306, $3,327

Support levels: $3,228, $3,192, $3,174

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