Market Update for Today, May 8



The Long/Short Ratio stands at 1.04:1 and continues to weigh on the market; there is high liquidity at both the lower and upper ends of the liquidation chart—watch out for a pullback. With $BTC hovering around $80,229.

On my radar, $83k is already behind us; now the magnetic pool is pulling us toward $78,000. Currently, Bitcoin is looking to test the psychological resistance at $82,000. If spot volume continues to decline while leverage rises, that "magnetic pool" could quickly reverse toward support levels at $78,000 or $76,000 to clear out liquidity from the longs.
BTC0.5%
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