It has been rising for over 20 consecutive days, from 75,000 all the way up to 98,000, and now it feels like the rise might be slowing down. Bitcoin might need to take a breather! Technically speaking, the pressure for a pullback is increasing, and it could possibly drop around 10,000 points, potentially falling to around 88,000. However, don't expect it to drop straight down; there will definitely be some back-and-forth fluctuations in the market.
Keep a close eye on the Federal Reserve meeting on May 8th. If hawkish news is released, it could drop even harder; but if they hint at interest rate cuts, it might just save the situation. Regardless of the news, a technical pullback is unavoidable.
Remember two key points for trading:
If it can regain 97,700, consider a short position.
If it pulls back to 95,000 and holds steady, you can take a small position to bet on a rebound.
But make sure to set a stop loss; don't hold on stubbornly!
