May 2nd Market Analysis

Bitcoin has finally broken out of its sideways movement, briefly surpassing 97,000, reaching a new high in over a week. 96,000 is a densely populated liquidation point for short positions, and this rise extracted liquidity from that position. Previously, 93,200 and 94,300 became key strong support levels; although there were dips below these levels, a quick rebound led to new highs. The 200-day moving average has risen to 90,000, elevating the short-term bottom range, and consecutive breakouts of the 111-day moving average (currently at 91,300) and the cost basis of short-term holders have enhanced the structural stability of the market.

93,200 is an important price target; if the price continues to maintain between 90,000 - 94,300 without a deep correction, it can be considered a strong support area. If this level is breached, bears will regain control of the market. 97,500 is a clear resistance level, but resistance has weakened compared to before.

Market chip changes: The recent week of sideways movement has loosened chips that entered at relatively high positions, with some individuals selling at a small loss near 94,000. Bitcoin has absorbed the selling pressure, reducing upward resistance.

Funding rates and market sentiment: The funding rates in the futures market indicate a relatively conservative market, with no signs of overheating. There exists a subtle balance between long and short positions, which has reduced the risk of a deep pullback in Bitcoin.