May 6th, Latest Analysis of Bitcoin (Specific operational advice at the end)
Bitcoin is experiencing intensified short-term bulls and bears! Key support is here
$BTC
Brothers, at 1 PM Beijing time on May 6th, Bitcoin is quoted around 93,800 USD. In the past three days, it has dropped from 97.8K to 93.4K, accumulating a liquidation of 116 million USD in long positions, and market sentiment has noticeably cooled. Combining the latest data and news, let’s discuss a few key logical points simply:
1. Short-term support looks at 93K; if it breaks, it may head straight for 90,000
I warned everyone yesterday that 93K is the short-term defense line, and if it breaks, it might retest 90,000 USD (or even 88K). On-chain data shows that currently, 88% of BTC circulation is in profit, and the 75K-95K range is seen as a new structural bottom, indicating strong support near 93K. However, the funding rate has turned negative, and the leverage ratio for bulls is relatively high. If the Federal Reserve meeting tonight is hawkish, it may trigger further corrections.
