TechFlow news, June 23 — Matrixport released a chart analysis today stating, "Although Bitcoin is attempting to rebound, seasonal patterns (refer to the daily chart from June 2) suggest limited chances for a sustained breakout. For this bullish movement to remain technically valid, Bitcoin needs to hold above $105,000. However, greater concerns lie with Ethereum. As we reported on June 11, leveraged traders have driven up prices without fundamental support.
We continue to believe that Ethereum’s current price is primarily driven by futures positions, making it vulnerable to further downside risks. This positioning risk helps explain the unusually sharp declines Ethereum has experienced over the past few days. With leverage still elevated, the likelihood of additional price pressure remains high."
