Liang Qiu: What is the intention behind the back-and-forth price spikes in Bitcoin/Ethereum at 12.8?

Bitcoin and Ethereum saw successful short-selling trades yesterday, with short positions initiated at 3040 leading to a drop to 2910, and short positions initiated above 3130 in the early morning reaching around 3010. Both are currently consolidating after a bottoming out and rebound, with intense competition between bulls and bears influenced by macroeconomic factors such as expectations of a Fed rate cut. Bitcoin's price has been highly volatile, rebounding to 91720 after bottoming at 87688 overnight, before falling back and consolidating above 90000. Technically, the daily MACD shows an upward trend with increasing volume, with the EMA30 resistance level at 93600 and the upper Bollinger Band at 94500. The four-hour MACD is nearing the end of its contraction, and a break above 92000 could lead to a golden cross between the DIF and DEA lines. The current core trading range is between 87000 and 92000, with strong buying support in the 87500-88000 area. 92600 is a key breakout level; a break above this level could lead to continued upward movement. Ethereum also experienced a bottoming-out and rebound, hitting a low of around 2910 before a V-shaped rebound to around 3160, a gain of over 8%. Currently, after a pullback, it has rebounded again to around 3130 for consolidation. Technically, the daily MACD shows weakening bullish momentum, and the four-hour chart showed a false breakout. Resistance is concentrated around 3180-3200, with further resistance at 3250. Key support is the psychological level of 3000, while 2900-2950 is a crucial bullish defense line; the effectiveness of this support area will determine the subsequent direction. Trading suggestions: Bitcoin short around 91600-92000, target around 89500; Ethereum short around 3140-3160, target around 3060, with further targets at 93300 and 3220.