This wave of decline is a pullback after testing the resistance zone at 82,000-82,800 following a rally, not a confirmed top.

There are four main reasons:
1. Reaching the resistance zone, short-term funds are taking profits.
Short-term traders need to hold above 82,500 to continue towards 83,000-85,000. Currently, the price peaked around 82,700, and without stabilization, it’s normal for short-term bulls to take profits.
2. The bears have already been squeezed out in the previous wave; further upward movement requires new buying interest.
Data from May 6 shows that in 24-hour liquidations, bears accounted for the majority, indicating that the previous rise involved some short squeezing. After squeezing, if spot buying doesn’t continue, the price is likely to retrace.
3. Macro data makes the market hesitant to chase blindly.
US ADP data shows private employment increased by 109,000 in April, significantly stronger than the previous 62,000, causing concerns about a rebound in US bond yields and the dollar, which can lead risk assets to cool off. There’s also the non-farm payroll report on Friday, making funds more cautious.
4. The ETF hasn’t broken yet; we need to observe tomorrow’s inflow and outflow.
On the 5th, BTC spot ETF still had a net inflow of +$467.38 million, marking the 4th consecutive day of inflow. So, this decline is temporarily not “institutional retreat,” but more like a leverage and technical pullback after a rally.
As long as the price doesn’t effectively break below 79,400, it remains a normal shakeout within a bullish structure.