Bitcoin hit $108,700 before returning to the $110,000 area. Ethereum also dropped sharply as traders continued to take profits from the previous market rally amid overall uncertainty.

A mix of profit-taking and technical factors drives the observed decline in the crypto market. It is clear that after Friday's surge, when Bitcoin jumped to $117,000, traders preferred to lock in profits — something that has been evident in recent days, particularly during the U.S. afternoon session.

The optimism sparked by Jerome Powell's speech has faded, as investors reassessed the probability and timing of a potential rate cut. Market uncertainty was further compounded by recent reports that a major Bitcoin holder sold over 24,000 BTC (about $2.6 billion), triggering a wave of liquidations in derivatives markets.

Additionally, on Monday, U.S. President Donald Trump announced the dismissal of Federal Reserve Governor Lisa Cook, adding another layer of uncertainty as concerns grew over the political independence of the central bank.

Key levels are now at around 105,000, which corresponds to the June breakout zone, and 100,000, which serves both as a psychological barrier and a major options strike. A clear break below 100,000 risks a larger sell-off, while upside potential is capped at 118,000–120,000 until the macroeconomic outlook becomes clearer.

For intraday crypto trading, I will continue to rely on major dips in Bitcoin and Ethereum with the expectation of a medium-term bullish market that remains intact.

Below are the short-term strategies and conditions:

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today at an entry point near $110,500 with a target at $112,300. Around $112,300, I will exit longs and sell immediately on the pullback. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Bitcoin can also be bought from the lower boundary at $109,700 if there is no market reaction to its breakout, with targets at $110,500 and $112,300.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today at an entry point near $109,700 with a target at $107,800. Around $107,800, I will exit shorts and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Bitcoin can also be sold from the upper boundary at $110,500 if there is no market reaction to its breakout, with targets at $109,700 and $107,800.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today at an entry point near $4,457 with a target at $4,598. Around $4,598, I will exit longs and sell immediately on the pullback. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Ethereum can also be bought from the lower boundary at $4,392 if there is no market reaction to its breakout, with targets at $4,457 and $4,598.

Sell Scenario

Scenario #1: I plan to sell Ethereum today at an entry point near $4,392 with a target at $4,289. Around $4,289, I will exit shorts and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Ethereum can also be sold from the upper boundary at $4,457 if there is no market reaction to its breakout, with targets at $4,392 and $4,289.