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5.17 Morning Bitcoin Outlook: The rebound lacks strength and continues to dip; bearish in the short term
Bitcoin’s low directly dropped to around 776k, and then it churned in tight consolidation around 780k. It’s extremely frustrating—sudden developments in the Iran-U.S. situation and related news completely threw the market off!
From the order book, it’s clear that selling pressure is getting heavier and heavier. Combined with the lack of U.S. stock market activity over the weekend to drive sentiment, the rebound has no momentum at all and simply can’t hold up—the lows are still steadily moving lower.
So, for the short term, the direction remains firmly bearish. Place shorts for Bitcoin directly in the 78,000–78,500 range, with the focus below on the 77,000 target. #Gate广场五月交易分享 $BTC