$BTC
Cannot short! The funding rate is negative!
This indicates a significant increase in short positions. It seems like the bearish strength is strong!
However, this situation actually shows that the market is overly betting on a decline. According to market rules, when a large number of shorts enter, the short-term price is actually less likely to drop significantly.
Currently, $95,700 is an important support level for a pullback. If the price falls below $95,000, this breakout may be declared a failure.
However, after a night of volatility, the price still remains at a high level, breaking the conventional trend of a "false breakout followed by a quick pullback."
Ethereum is about to undergo an upgrade on May 7. Many predict that the price will experience a pullback after the upgrade,
but in the context of Bitcoin's continued strength, the flow of funds is difficult to determine.
If Bitcoin consolidates at a high level, small and medium coins ranked in the top 30 by market cap are likely to experience a rally. Compared to being fixated on shorting Bitcoin, focusing on these small coins for short-term opportunities may be more valuable.
Upper resistance: 97600/98200/98500/99500
Lower support: 94200/93000/91600/90600
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