Bitcoin fell back to around $87,500, but it once again saw strong buying interest, keeping the chances of a bullish BTC rally alive for the end of this year. Ethereum also remained above $3,000, which allows for hopeful sentiment, though these hopes are fading day by day.

Meanwhile, Strategy is expected to report new BTC purchases today. Yesterday, Michael Saylor published a BTC purchase tracker, after which Strategy typically reports BTC purchases the following day. It's worth noting that publicly traded companies that are actively buying Bitcoin now hold over 5% of its total supply on their balance sheets, with Strategy alone holding 3%.

Against the backdrop of a declining market, Tom Lee's BitMine from Fundstrat has also stated that it purchased an additional 14,959 ETH. The company now holds over 3% of the total ETH supply as well. This bold decision, made amid widespread panic, underscores the firm's confidence in Ethereum's long-term prospects. Acquiring such a significant amount of ETH during a market downturn demonstrates a strategic approach and a belief in the network's future. An investment exceeding 3% of the total issued volume of ETH positions BitMine as one of the largest holders, which undoubtedly influences market sentiment.

However, it is essential to remember that the cryptocurrency market remains volatile and unpredictable. Nevertheless, even in turbulent conditions, the actions of the aforementioned companies indicate the maturity and long-term potential of the crypto industry.

As for the intraday strategy in the cryptocurrency market, I will continue to rely on any significant dips in Bitcoin and Ethereum, anticipating the continuation of a bullish market in the medium term, which has not disappeared.

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

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today when it reaches the entry point around $90,000, targeting a move to $91,300. At around $91,300, I will exit my purchases and sell immediately on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and that the Awesome indicator is in the zone above zero.

Scenario #2: Buying Bitcoin is also possible at the lower boundary of $89,100 if there is no market reaction to its breakout back to $90,000 and $91,300.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today when it reaches the entry point around $89,100, targeting a decline to $88,100. At around $88,100, I will exit my sales and buy immediately on the bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario #2: Selling Bitcoin is possible at the upper boundary of $90,000 if there is no market reaction to its breakout back to $89,100 and $88,100.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today when it reaches the entry point around $3,130, targeting a move to $3,191. At around $3,191, I will exit my purchases and sell immediately on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and that the Awesome indicator is in the zone above zero.

Scenario #2: Buying Ethereum is also possible at the lower boundary of $3,101 if there is no market reaction to its breakout back to $3,130 and $3,191.

Sell Scenario

Scenario #1: I plan to sell Ethereum today when it reaches the entry point around $3,101, targeting a decline to $3,043. At around $3,043, I will exit my sales and buy immediately on the bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario #2: Selling Ethereum is possible at the upper boundary of $3,130 if there is no market reaction to its breakout back to $3,101 and $3,043.