Bitcoin has encountered significant resistance around $110,000, and it is unlikely to break through this level easily in the near term. Ethereum is also facing difficulties moving above the $2,600 mark.

Yesterday's U.S. labor market data served as a catalyst for selling risk assets, but the strong rally in U.S. stock indices helped save the cryptocurrency market.

Meanwhile, U.S. Senator Cynthia Lummis introduced a digital asset tax bill aimed at reforming the current tax code to better align with the digital economy and plans to submit it to Trump shortly.

Lummis has repeatedly emphasized the need to adapt tax policy to the realities of a new world in which digital assets play an increasingly significant role. Her bill represents an attempt to establish a clear and transparent taxation system for cryptocurrencies and other digital assets. Supporters argue that this would promote further development in the sector and attract investment. The proposed reforms aim to eliminate ambiguities in the current legislation and create a predictable environment for taxpayers.

If passed, the Lummis bill could have a significant impact on the U.S. crypto industry, creating more favorable conditions for innovation and investment. However, it's important to note that any changes in tax policy may have both positive and negative consequences, and a thorough evaluation of their potential impact on various stakeholders is necessary.

Regarding intraday strategies in the cryptocurrency market, I will continue to rely on major dips in Bitcoin and Ethereum, anticipating that the medium-term bull market remains intact.

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

Bitcoin

Buy Scenario

Scenario #1: I will buy Bitcoin today upon reaching the entry point at $109,400, targeting a rise to $110,400. At around $110,400, I will exit my long positions and sell immediately on the rebound. Before a breakout buy, ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in the positive zone.

Scenario #2: Buying is also possible from the lower boundary at $108,800 if there is no market reaction to its breakout, with a reversal back to $109,400 and $110,400.

Sell Scenario

Scenario #1: I will sell Bitcoin today upon reaching the entry point at $108,800, targeting a drop to $107,800. At around $107,800, I will exit my short positions and buy immediately on the rebound. Before a breakout sell, ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in the negative zone.

Scenario #2: Selling is also possible from the upper boundary at $109,400 if there is no market reaction to its breakout, with a reversal back to $108,400 and $107,800.

Ethereum

Buy Scenario

Scenario #1: I will buy Ethereum today upon reaching the entry point at $2,588, targeting a rise to $2,639. At around $2,639, I will exit my long positions and sell immediately on the rebound. Before a breakout buy, ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in the positive zone.

Scenario #2: Buying is also possible from the lower boundary at $2,563 if there is no market reaction to its breakout, with a reversal back to $2,588 and $2,639.

Sell Scenario

Scenario #1: I will sell Ethereum today upon reaching the entry point at $2,563, targeting a drop to $2,524. At around $2,524, I will exit my short positions and buy immediately on the rebound. Before a breakout sell, ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in the negative zone.

Scenario #2: Selling is also possible from the upper boundary at $2,588 if there is no market reaction to its breakout, with a reversal back to $2,563 and $2,524.