Bitcoin slipped from its "pedestal" and is now trading around $121,600. The clear absence of a large buyer, seen yesterday, opens the door for a deeper correction in the leading cryptocurrency, which just a few hours ago hit a new all-time high.

As for major players, according to the latest data from Cryptorank, since the start of 2024, institutional and corporate demand for BTC has far outpaced new supply—a phenomenon many experts call a "supply shock." This term accurately describes a situation where the limited number of new bitcoins entering the market cannot satisfy the growing appetite of large investors. Several factors contribute to this.

First, the approval of spot bitcoin ETFs in the US opened the door for institutional capital that regulatory barriers had previously held back. Second, large corporations increasingly view bitcoin as a hedge against inflation and a portfolio diversification tool.

The supply shock directly impacts bitcoin's price, pushing it higher—exactly what we have recently observed. Limited supply amid rising demand creates scarcity, which, in turn, drives up the asset's value. This effect is further amplified by speculative interest and FOMO (fear of missing out) sentiment in the market. However, it's important to note that the supply shock is not the only factor influencing bitcoin's price. Macroeconomic conditions, regulatory changes, and technological innovations also play key roles.

Regarding my intraday cryptocurrency market strategy, I will continue to rely on any large pullbacks in bitcoin and ether, aiming for a continuation of the medium-term bull market, which remains intact.

Below is my short-term trading plan and conditions.

Bitcoin

Buy scenario

Scenario #1: I will buy bitcoin today at the $122,300 entry point, targeting growth to $123,600. Around $123,600, I will exit buys and sell immediately on the pullback. Before buying on a breakout, I must confirm that the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario #2: I can also buy bitcoin from the lower boundary at $121,200 if there is no market reaction to its breakout, aiming for $122,300 and $123,600.

Sell scenario

Scenario #1: I will sell bitcoin today at the $121,200 entry point, targeting a decline to $119,700. Around $119,700, I will exit sells and buy immediately on the pullback. Before selling on a breakout, I must confirm that the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: I can also sell bitcoin from the upper boundary at $122,200 if there is no market reaction to its breakout, aiming for $121,200 and $119,700.

Ethereum

Buy scenario

Scenario #1: I will buy Ether today at the $4,770 entry point, targeting growth to $4,843. Around $4,843, I will exit buys and sell immediately on the pullback. Before buying on a breakout, I must confirm that the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario #2: I can also buy Ether from the lower boundary at $4,713 if there is no market reaction to its breakout, aiming for $4,770 and $4,843.

Sell scenario

Scenario #1: I will sell Ether today at the $4,713 entry point, targeting a decline to $4,639. Around $4,639, I will exit sells and buy immediately on the pullback. Before selling on a breakout, I must confirm that the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: I can also sell Ether from the upper boundary at $4,770 if there is no market reaction to its breakout, aiming for $4,713 and $4,639.