5.1 Afternoon Bitcoin Market Outlook

Bitcoin surged during midday, reaching a new high of 77,421, then immediately reversed and declined. Currently, it is trading within a narrow range at high levels, with the bulls exhausted after the rally. The market has entered a weak consolidation phase with a stalemate between buyers and sellers.

This rally has essentially exhausted all short-term buying power. The market is now dominated by profit-taking sell orders, making it difficult for the rebound to hold. Resistance levels are weak, and the price weakens upon encountering obstacles. In the afternoon, the strategy is to lightly short at high levels and attempt small-scale ultra-short positions at low levels for testing.

There is significant selling pressure overhead. Currently, chasing longs is akin to giving away your head; the likelihood is that the market will continue to oscillate and test support levels downward.

Trading Suggestions

Short at 77,100-77,600 on rebounds, with the first target at 76,700. If broken, continue to watch for 76,300→75,800.
On pullbacks to 75,800-76,300, consider light short-term long positions for testing, targeting 76,700-76,900. Strict stop-loss orders should be used.