⭐ BTC 5/7 Market Outlook Update

BTC broke upward yesterday but did not hold steady, which is a clear "false breakout." Currently, the price has returned to range-bound consolidation within the 1-hour box.

Yesterday's pullback was accompanied by increased volume, indicating selling pressure above, so there is still a possibility of further downward exploration.
However, the support at 80,600 has not been effectively broken, so we cannot definitively say the market has fully turned weak.

Key resistance levels are around 82,800 and 83,500.
If the price rebounds to this area but volume and candlestick stability are lacking, focus should remain on potential pullbacks after short-term rises, with a strategy mainly favoring short positions on rallies.

Currently, funding rates show that short positions are still quite crowded, and there is a certain risk of short squeeze in the market. Therefore, before breaking 80,600, shorting should not be chased; wait for signals at resistance levels during rebounds.

Below, focus on two key levels:
80,600 and 79,800.

Only if the price breaks below 80,600 and further declines toward or below 79,800 will the market truly turn weak, and the space for bears will further open.

Summary:
Focus on shorting on rebounds, and watch for accelerated declines if key supports are broken. #Gate广场五月交易分享 #BTC