Monday, May 5, 2025
Bitcoin is in a phase of consolidation and preparing for a breakout, with the current price retreating to around 94,500, engaged in a tug-of-war. Although the short-term pullback has not further expanded in volume and has limited space, overall, it still represents a consolidation rather than a deep retracement, with the main trend pointing towards a strong bullish pattern.
Trend Qualification: The bullish structure remains intact, and the consolidation belongs to a strong correction, with the potential to challenge previous highs after the adjustment.
Short-term Characteristics: The small cycle pullback has not formed a consecutive decline, and the tug-of-war pattern highlights the stalemate between bulls and bears, using time to exchange for space to complete the correction.
Operational Strategy: Focus on buying low based on support, while being alert to the risk of breakdowns, and still looking at a range-bound upward movement in the medium to long term.
Conclusion: A short-term adjustment does not change the upward tone; after the consolidation ends, there is a high probability of continuing to explore higher momentum, and it is recommended to pay attention to breakout signals in the range.
Regarding operations, I personally suggest going long on Bitcoin around 94,000, with a target of around 95,000-96,000!
