5.17 Evening Market Overview

The overall market is bearish, with BTC losing the 80k level and experiencing weak fluctuations, mainly trading sideways at low levels with a risk of a second dip in the evening. Overall "short-term bearish, long-term watch," no chasing shorts, no bottom-fishing, waiting for stabilization signals.
BTC: 77,800–78,200 (24h -3% approximately)
ETH: 2,160–2,190 (24h -2% to -2.5%)
Market sentiment: Panic, continued liquidation of leveraged long positions, approximately $80k to $500 million liquidated across the network in 24 hours, mainly long positions.
🔴 BTC evening trend + key level trend judgment: Double top break at 80k during the day → increased volume sell-off → rebound at 77.6k, evening enters weak consolidation after the break: weak rebound, insufficient volume, most likely retest support at 77.5–77k; if support fails, look towards around 76k for strong support.
✅ Key support levels (long entry / stop-loss reference)
First support: 77,500–77,800
Strong support: 77k
Ultimate support: 76k
✅ Key resistance levels (short entry / profit-taking reference)
First resistance: 78,500–78,800
Strong resistance: 79,500–80k
Evening trading strategy
Rebound at 78,500–78,800: Light short positions,
Stop-loss above 79,200,
Target 77,800 → 77,200
Pullback to 77,000–77,500: Mainly observe, wait for stabilization and bullish signals before considering small long positions.
Break below 77,000 with increased volume: No bottom-fishing, follow the trend short, target 76,200–76,000.
🟠 ETH evening trend + key levels
Trend judgment
Follow BTC downward movement, double top break at 2,230 → stop at 2,160, after a weak rebound in the evening, a second dip is likely, overall weaker than BTC.
✅ Support levels
2,150–2,160 (First support)
2,100–2,120 (Strong support)
✅ Resistance levels
2,200–2,220 (First resistance)
2,280–2,300 (Strong resistance)
Trading strategy
Rebound at 2,200–2,220:
Short-term short, stop-loss above 2,250,
Target 2,160 → 2,120
Pullback to 2,100–2,150:
Observe, consider small long positions after stabilization.
⚠️ Core risk in the evening: U.S. Federal Reserve rate hike expectations intensify: CPI exceeds expectations, rate cut expectations fade, liquidity tightens, institutional ETF outflows continue: BTC spot ETF outflows are significant this week, short-term institutional short contracts liquidations cause chain reactions: leveraged longs get liquidated → price drops → more liquidations, negative feedback.
‍$BTC $GT $ETH