Wednesday, May 7, 2025

This morning, the Bitcoin market is changing rapidly, with prices soaring like a rocket to around 97,500. This rapid rise has instantly ignited market sentiment, and everyone’s heart is in suspense; the entire market seems to have been injected with a dose of adrenaline, and volatility is intensifying. At this critical juncture, we need to be especially vigilant about the risk of a pullback after the high, and we must not blindly chase after the rise to avoid falling into the traps of the market.

The overnight market continues to show a strong upward trend, with bulls full of momentum, clearly dominating the market. However, we must not let the current rise cloud our judgment; we need to closely monitor the release of overbought signals. Looking closely at the daily chart, the consecutive small bullish candles serve as a solid foundation, effectively stabilizing the mid-term support level, which clearly shows strong buying support below, providing substantial support for the price.

Looking ahead to today’s market, it is highly likely to enter a range-bound oscillation. Both bulls and bears will engage in fierce competition within a certain price range, increasing market uncertainty. Based on this, the morning trading strategy suggests focusing on short positions with a secondary approach to long positions.

In terms of trading, I personally suggest that if Bitcoin's price is between 97,500 - 98,000, it would be bold to short, targeting 96,000 - 95,000.