Bitcoin Oscillates Through the Night, Consolidating Before the Push Higher

Bitcoin oscillated throughout the entire night, leaving many traders frustrated, but from both the chart and macro perspectives, short-term upward momentum remains robust. The pullback appears to be consolidation rather than a trend reversal.

From the 1-hour K-line perspective, both Bitcoin and Ethereum have formed a classic strong pattern of "rally, pullback, and moving average support":

Bitcoin retreated from yesterday's high of 75,998 to around 74,287, still firmly holding above the 7-day and 25-day moving averages with strong support forming below. This indicates that bulls have not left the field—they're simply taking short-term profits.

Ethereum's performance is even more impressive, stabilizing quickly after pulling back from 2,385. The 7-day and 25-day moving averages have formed a golden cross, with price consistently trading above the moving averages. Bullish buying pressure remains substantial.

From a volume perspective, pullback volume has noticeably dried up, indicating limited selling pressure and no panic in market sentiment. Instead, funds are quietly accumulating at lower levels.

The macro environment is also highly favorable for the crypto market:
Federal Reserve rate-cut expectations continue to heat up, with latest inflation data remaining mild. The market broadly expects the Fed to begin a rate-cut cycle within the year. A loose monetary environment will encourage capital to flow into high-risk assets, with cryptocurrencies leading the charge.

Bitcoin spot ETF continues to see stable daily net inflows, with institutional investors continuing to build positions and providing solid long-term buy support for the market.

Ethereum ecosystem activity is rebounding, with Layer 2, DeFi, and other sectors showing increased activity and improving on-chain data, providing solid fundamental support for Ethereum's price.

Trading Strategy: Dip-buying and holding positions

Current price is in a healthy consolidation phase after the rally, not a trend reversal:
$BTC Bitcoin: Buy on dips in the 73,650-73,150 range, targeting 74,700. On breakout, reduce positions to look at 75,800-76,300. Stop-loss at 72,800.
$ETH Ethereum: Buy on dips in the 2,275-2,243 range, targeting 2,345. On breakout, reduce positions to look at 2,380-2,423. Stop-loss at 2,200.

For those still holding long positions from yesterday, there's no need to panic over short-term fluctuations—continue patiently holding. As long as price doesn't effectively break below key moving averages, the uptrend won't be reversed. Overall, both technical and macro perspectives point to a bullish conclusion. This consolidation is more like a rest before the final push to the top!