The afternoon market data performed as expected with a pullback, but the extent of the pullback exceeded expectations. After BTC tested a low of 103000, it continued to decline to a recent low of 102038, followed by a rebound and consolidation near 103000. ETH's performance mirrored that of BTC, declining to a low near 2350 in the afternoon before rebounding, and is currently consolidating around 2400.

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Overall market data shows that the subsequent decline has once again swallowed up the previous gains, with short-term volatility being affected again. After significant rises and falls, we have entered a short-term sideways adjustment phase.
On the four-hour chart, after breaking the convergence range upwards, it also successfully broke through the previous high, but the obvious rebound has delayed the time for another attack on the historical high. After a significant downward movement, technical indicators are pointing downwards across the board, strengthening the short-term downward trend. Currently, the 103000 level serves as the previous starting point and is also a key support level in the short term. If it breaks effectively again, it will still lead to a downward probing market. In the short term, focus on the 102000 level.
On the hourly chart, after significant fluctuations in points, KDJ and MACD show signs of divergence, with clear signs of sideways adjustment. In the short term, under the condition of a rebound, there is still good space above. In the short term, we will first observe the pressure situation around 104500. If it fails to effectively break through and stabilize above 105000, it will still return to the range oscillation after a pullback.
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Subsequent short-term layout for BTC refers to 104500-104000, looking at 102000, if it breaks, continue to look at 101000.
The short-term trend for ETH is stronger, refer to the range around 2450, look at 2350, breaking down look at 2300.