5/6 ⭐ BTC Market Update (Telegram: btcfengling)

BTC is still pushing higher, with the price approaching the upper edge of the daily channel.
Currently, there is no obvious heavy selling pressure on the market, and the pullbacks are minor, indicating that the short-term bullish structure has not been broken. However, there is also a need to watch for divergence risks in the indicators in the short term.

Today’s focus is on 80,600.
As long as the price stays above 80,600, the short-term remains relatively strong, with potential for further upward movement, with resistance first at 83,500 / 84,500.
But if it falls below 80,500, watch for a retest of 79,400, which is a key bullish observation point.
If 79,400 cannot hold, then look at 78,100 below.

Considering the funding rate, it has turned negative, indicating that short positions are increasing at high levels.
Therefore, in the short term, it’s possible to see a sweep of longs before a decline.

Summary: Above 80,500 is relatively strong; a break below indicates a retest. Do not chase longs now, wait for key levels to be confirmed. #BTC