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The key reason for Bitcoin's sharp rise is that institutions have been continuously buying recently.
In the past four trading days, US spot BTC ETF funds have steadily flowed in, reaching a total of $1.68B, with the largest inflow from IBIT at $1.01B, followed by FBTC with an inflow of $492 million.
BlackRock and Fidelity contributed 70% of the buying volume.
On May 1 and May 5, these two major institutions aggressively bought, which was the biggest factor in pushing Bitcoin past the $80k mark.
Later, if funds start to exit, it could cause a short-term correction in Bitcoin's price.
Last night, during the live broadcast, I openly recommended shorting Bitcoin at 81,800-82,000, which has already gained 1,000 points of profit.
For today’s market, Bitcoin shows signs of testing the $80k level again.
This morning, we again advised to short at 81,000-81,500, and we are currently slightly profitable.
For those who followed, be patient and wait; the target is down to 78,800.