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1. **Technical pullback risk intensifies**
- Bitcoin's short-term momentum is weakening, and key support levels need to be monitored: **$110,000** (Bollinger Band midline), and a loss of this level could trigger a sell-off.
- Ethereum resistance level at $2820. If it cannot break through, it may pull back to the 2700-2560 range, and a high-level crash should be guarded against.
2. **Market Sentiment Overheating Signal**
- The short covering wave indicates a crowded leveraged trading environment, which could lead to long positions taking profits or triggering a chain decline.
- The rise in cryptocurrency stocks lags behind the price of coins, reflecting a divergence in capital.
BTC is closely watching the position at 110000.