BTC Evening Market Brief: Price Breaks Through the Upward Channel's First Axis, Bulls and Bears Are About to Enter a Heated Battle!

1) The price has entered the 82,500-83,000 whale sell pressure wall area and the bulls and bears showdown price range 82,500-85,000;
2) On the order book, bears near 82,500 are blocking with orders, and the amount of sell orders is continuously stacking up;
3) Funding rates have been negative for 66 consecutive days. Total open interest (OI) has risen to $34.26 billion as of May 6, an increase of over 11%. OI is growing but funding rates remain negative, indicating that new positions are mainly short rather than long.
Not only are shorts not exiting, but they are also increasing their positions, though their strength is still insufficient. Major institutions are pushing the contract price higher, continuously short squeezing!
4) The divergence between volume and price persists, with insufficient spot demand; the four-hour bullish volume is neither the main volume nor the secondary volume, but rather the main force of bears has not entered, and the bearish volume is relatively weak;
5) Whales are using the rebound to offload (reducing 80k coins over 18 days), and MicroStrategy has also announced it will sell BTC opportunistically to pay the company's interest;
If there is a major positive catalyst, such as the upcoming CPI significantly below expectations, the price may briefly pulse to 84,000-85,000, which will be an opportunity to add mid-term short positions.
The bulls and bears are in a showdown, short-term traders should not chase longs, and mid-term traders should wait for the rebound to be in place before positioning for shorts.