Looking back from last weekend to today (12th), Bitcoin (BTC) price has been stable around $104,145, while Ethereum (ETH) averaged around $2,509. Over the past three days, BTC and ETH have been significantly influenced by market sentiment, technical upgrades, and institutional participation. Particularly, Ethereum's Pectra upgrade completed on May 7th became a market focus, driving its price up.
Bitcoin Trend
Bitcoin continued its bullish trend over the past three days, steadily breaking through the psychological barrier of $100,000. Bitcoin closed at $102,970 on May 9th, reached a high of $104,961 on the 10th, and slightly pulled back to $104,145 on the 12th, with the three-day trend showing continued confidence, maintaining around $104,000.
Community traders and analysts gave positive evaluations of Bitcoin's performance, having broken through the important milestone of $100,000, with the next resistance levels at $105,000 and $108,000. Many analysts mentioned that Bitcoin is forming a symmetrical triangle pattern, breaking through which could potentially push it towards the $105,000 resistance zone.
However, community analyst @TheEliteCrypto posted today: "From the weekly chart, Bitcoin is in a strong bullish momentum, breaking through $100,000. But this aggressive rise has pushed it into an overbought area, potentially facing a short-term correction." This perspective reminds investors to be cautious of short-term fluctuations.
Ethereum Surges, Tops Chinese TikTok Trending List
Ethereum's price performance was significantly boosted after the Pectra upgrade on May 7th. ETH closed at $2,345 on May 9th, rose to $2,582.42 on the 10th, with an approximately 10% increase, and slightly pulled back to $2,509.62 on the 12th.
Last night on Chinese TikTok's trending list, the topic "40% surge in 3 days, what's happening to Ethereum?" accumulated over 10 million views, occupying the top spot for some time, indicating significant attention within China.
However, Bitcoin's overbought status might trigger a short-term pullback. A large investor has taken a bearish stance, today placing a total of $25 million on Hyperliquid platform with 5x leverage to short Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
However, this high-risk operation has already caused over $700,000 in unrealized losses, adding another warning about high-leverage strategies. It is reported that the whale entered this position when Bitcoin price dropped below $104,000 USDT and Ethereum was around $2,522.
