May 2 Market Analysis

Resistance Levels (Upper Resistance)
● First Resistance Level: Around 78,920. This is the 24-hour high shown in the chart (78,919.7), and also the current direct resistance. As long as the price cannot break above this level, there is still a risk of a short-term pullback.
● Second Resistance Level: The round number at 80,000. This is a psychological barrier; once the price breaks through 78,920, the next target for the bulls is here.
Support Levels (Lower Defense)
● First Support Level: 77,000 - 77,200. This is the consolidation platform during the recent rapid surge, and also where the short-term moving averages might catch up. As long as it does not fall below this, the bullish momentum remains.
● Strong Support Level: Around 76,400. This is the 24-hour low in the chart (76,411.9), and near the previous rally point. If it breaks below this, it indicates that the current upward trend may be ending and could turn into a decline.
Market Outlook?
Pay attention to the RSI indicator below, which has already reached around 74, entering the overbought zone (above 70 is overbought). This suggests that the short-term rally has been too rapid and needs correction. Therefore, it is likely to see sideways consolidation or a slight pullback to digest profit-taking, and avoid blindly chasing the high. $BTC