Market Analysis on May 10 🚀🚀
The current market is in a high-level consolidation phase, with neither BTC nor ETH experiencing significant pullbacks. This sideways movement seems more like a digestion of selling pressure over time rather than a direct drop to release risk. In the short term, bulls still hold the advantage.
For Bitcoin, around 102,500 is a key support level that has been tested multiple times with support. The upper resistance at 103,500 needs to be broken to confirm a new upward trend.
Ethereum has greater volatility, with a quick rebound after hitting a low of 2,270 early in the morning. Currently, a new consolidation range is forming near 2,335 USD, with 2,300 USD being an important support level below.
Market liquidity is usually poor over the weekend, making it susceptible to unusual fluctuations. It is advisable to control positions and avoid chasing highs and lows during times of low liquidity.
From on-chain data, yesterday saw an outflow of ETF funds, combined with weekend factors, Bitcoin may face adjustments in the short term. It is now necessary to patiently wait for the market to change hands and monitor the following potential positive factors:
1. More U.S. states passing Bitcoin strategic reserves
2. Progress in tariff negotiations between the U.S., Japan, South Korea, and China
In terms of operations, it is advisable to wait for a low buy near key support levels and not to chase highs blindly. Consider following the trend only after breaking important resistance while strictly setting stop-losses.
It's the weekend, so take a break! There's no need to keep staring at your phone or computer for market updates. If there are no opportunities, we will patiently wait; let professionals handle professional matters! 💪💪
