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On May 2nd (UTC+8), the price of Bitcoin is targeting $80,000 USD. Recently, Bitcoin increased by 2.52% after receiving support at the 100-day exponential moving average.
Spot trading volume has increased, and the cumulative volume difference (CVD) reached 11,500 BTC, the highest level since then. At the same time, open interest in BTC futures increased by 6.64% to 257,000 BTC, indicating new positions are being opened.
Over the past two days, Bitcoin bounced off the 100-day EMA and on Friday rose to $78,800 USD, strengthening the short-term bullish trend. Demand in the spot market is also growing, and the new CVD high shows buyers are absorbing supply during the pullback.
The continued addition of new positions in the futures market and the increase in open interest suggest that new participants are entering the market and consolidating below $80,000 USD. Futures trading volume has recovered to 98,300 BTC, indicating a return of buying pressure.
Liquidity is concentrated in the range of $78,000 to $80,000 USD, and risky short positions could trigger a short squeeze. The decline in OTC balance indicates a reduction in immediate supply, consistent with the inflow of funds into ETFs totaling $1.97 billion USD in April.