During the night when BTC surged to $70,000, the US SEC announced a delay in the ETH ETF, causing weakness in the US stock market. Subsequently, BTC plummeted, leading to 300,000 people being liquidated with a total of $1.1 billion. The scale of liquidation is becoming more and more exaggerated, and the volatility is also increasing. Lao Lang believes that a bigger market is still on the way. This week, non-farm data will be released, and next week will see the arrival of CPI and the Fed meeting, marking a decisive moment for both long and short positions.

BTC:

Whale addresses have shown abnormal movements, creating a bearish expectation for BTC. BTC broke below the 5-day moving average, and a divergence trend was observed on the hourly chart. The bears intensified selling pressure. Similar high-level M-shaped patterns with pin bars have appeared multiple times on January 11 and at the end of last year. The key point for the M-shaped pattern is $64,727. BTC needs to stabilize above $64,727 in order to further support a rebound. Next, BTC will test the $64,727 level for an upward movement.

Resistance levels: $64,727, $67,615, $70,053

Support levels: $61,508, $59,212, $57,034

ETH:

Multiple ETH transactions have been transferred to Pionex, creating a bearish selling pressure expectation for ETH. ETH broke below the support line, showing weakness. A divergence trend was observed on the hourly chart, and ETH saw a spike in trading volume, confirming bullish support. The key point for the pin bar is $3,608. Only with a volume breakthrough above $3,608 can ETH establish a bottom and regain a bullish trend. Next, ETH will test the $3,608 level for a rebound.

Resistance levels: $3,608, $3,762, $3,894

Support levels: $3,406, $3,238, $3,105

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