The cryptocurrency market has recently experienced drastic fluctuations, prompting investors to closely follow. BTC surged to near $106,200 in the early hours yesterday, but the rising trend did not persist and then began to pull back. The price quickly tested the low point of $105,200 and is currently oscillating around $105,800. Meanwhile, the trend of Ethereum (ETH) is highly synchronized with BTC, experiencing a technical pullback after reaching a high of $2,480, dropping to a low of $2,417, and currently maintaining narrow consolidation at the high levels.

From a technical analysis perspective, BTC still maintains a strong upward channel on the daily chart, but a double top pattern is emerging on the four-hour candlestick chart. The MACD indicator has formed a dead cross above the zero axis. Although the green bars turned into red bars after shrinking in volume, the downward momentum is gradually accumulating. The key neckline at $105,200 has become the focus of the struggle between bulls and bears. Once effectively broken, the confirmation of the double top pattern may intensify the downward pressure. ETH is also facing short-term adjustment risks.

For the current market, it is recommended that investors adopt a range trading strategy: if BTC breaks through $106,500 and stabilizes, consider going long with the trend; conversely, if it falls below the neckline, it may be necessary to be cautious of downside risks. Ether is also facing a similar technical pattern, investors need to closely follow its support levels.

It is worth noting that several macro factors may affect the Cryptocurrency market recently, including the semi-annual monetary policy testimony of Federal Reserve Chair Powell, changes in institutional investors' attitudes towards BTC, geopolitical situations, and trends in the U.S. Treasury market. These factors could all have a significant impact on market trends.

Given the high degree of market uncertainty, investors should remain cautious in formulating trading strategies, strictly control risks, and adjust strategies in a timely manner according to the actual market situation.