Bitcoin remains under pressure, hovering around $66,500 after dropping significantly by the end of yesterday. Ethereum is also targeting a return to the $2,000 mark, making further growth less likely.

Meanwhile, the issuer of the USDC stablecoin, Circle, is preparing to expand its presence in the cryptocurrency world by launching its own wrapped Bitcoin, cirBTC. This ambitious project aims to compete directly with industry giants like Coinbase and BitGo, focusing on working with institutional investors. The launch of cirBTC marks an important step for Circle in solidifying its position in the digital asset market and offering comprehensive solutions for major players.

The main idea behind cirBTC is to provide institutional clients with a reliable, efficient way to interact with Bitcoin via the Circle platform. Wrapped tokens, such as cirBTC, typically represent tokens on other blockchains whose value is tied to the underlying asset. This facilitates transactions, increases liquidity, and integrates bitcoin into a broader range of decentralized finance applications. For institutions that often face challenges with direct cryptocurrency ownership, cirBTC could serve as an attractive alternative.

As for the strategy going forward, it is not worth rushing into purchases, as pressure on the cryptocurrency market is likely to increase in the near future, leading to a new phase of active selling of Bitcoin and Ethereum.

As for my intraday strategy in the cryptocurrency market, I will continue trading, taking advantage of any significant pullbacks in Bitcoin and Ethereum, while anticipating that the long-term bull market—which is still very much intact—will continue.

Regarding short-term trading, the strategy and conditions are outlined below.

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today upon reaching an entry point around $66,900, targeting a move to $67,700. At $67,700, I will exit my buy positions and immediately sell on a bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario #2: I can buy Bitcoin at the lower boundary of $66,200 if there is no market reaction to a breakout back toward $66,900 and $67,700.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today upon reaching an entry point around $66,200, targeting a decline to $64,900. At $64,900, I will exit my sell positions and immediately buy back on a bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome indicator is in the zone below zero.

Scenario #2: I can sell Bitcoin at the upper boundary of $66,900 if there is no market reaction to a breakout back toward $66,200 and $64,900.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today upon reaching an entry point around $2,077, targeting a move to $2,100. At $2,100, I will exit my buy positions and immediately sell on a bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario #2: I can buy Ethereum at the lower boundary of $2,044 if there is no market reaction to a breakout back toward $2,077 and $2,100.

Sell Scenario

Scenario #1: I plan to sell Ethereum today upon reaching an entry point around $2,044, targeting a decline to $2,012. At $2,012, I will exit my sell positions and immediately buy back on a bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome indicator is in the zone below zero.

Scenario #2: I can sell Ethereum at the upper boundary of $2,077 if there is no market reaction to a breakout back toward $2,044 and $2,012.