May 21st Market Analysis:

First, looking at the monthly chart, we have repeatedly attempted to break through the high of 109588 without success. Today, influenced by institutional buying, it seems strong, but we are still lacking that final push. To break through the 110,000 mark in the short term, a pullback for consolidation is needed, along with support from macro news.

Next, from the weekly chart, we are beginning to form a topping pattern, showing an M-shaped decline trend, with trading volume being mediocre.

While the MACD is still in a golden cross formation, it won't affect the trend of the market's pullback, only delaying the timing of the pullback. If it breaks below the support level of 105000, a major bearish trend will soon begin. Of course, we cannot rule out institutions targeting a short attack. The only significant resistance above is at 109588, and in the short term, one can short at highs:

Support levels: 105000-102000-98400

In summary, we are currently in a topping phase. Aggressive traders can short at high levels, while conservative traders should wait for a successful top formation before entering. Investors need to closely follow the developments on the 22nd and the dynamics of the end-of-month conference, maintaining caution in high-level fluctuations and being flexible to respond to potential market volatility. ##BTC挑战11万大关 ##MichaelSaylor暗示增持BTC