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Analyst: $80,000 is a key resistance level for Bitcoin; a breakout could trigger a short squeeze, pushing it up to $84,000.
ME News Report, May 2nd (UTC+8), cryptocurrency analyst Ali Martinez stated that as May begins, Bitcoin remains volatile within a narrow range, while order clusters at key price levels are forming, potentially becoming the core area for large-scale liquidations. Resistance above: $80,000. This level serves as a major psychological and technical resistance, attracting significant short liquidity. If broken, it could trigger a short squeeze, pushing the price rapidly up to $84,000. Support below: if $80,000 cannot be broken, the liquidity zones below include $75,000, $73,000, and $70,000, which may serve as pullback levels. He pointed out that the current market is in a tug-of-war between bulls and bears; if the daily price effectively breaks through the $75,000 to $80,000 range, it could determine the overall trend for this month. (Source: ChainCatcher)