Bitcoin Market Trend Analysis 20250503 - Day 594

The daily line is a small bullish candle with an upper shadow, and the trading volume is only two-thirds of the previous day, still maintaining normal trading volume.

Yesterday, we mentioned that the target for the rise was to break through 96000, which would lead to a surge towards 97000. However, after the actual price rose to around 97895, it faced resistance and experienced a downward correction at the hourly level. Currently, the upward momentum continues to weaken and needs adjustment. Today is Saturday, and weekend liquidity will be relatively poor, so the market will likely maintain a high-level oscillating trend over the next two days.

From the overall market sentiment, the vast majority believe that Bitcoin is about to experience a sharp decline, and the number of short positions remains substantial. The daily trend of Bitcoin clearly shows a high-level consolidation, followed by a significant bullish breakout, then continued high-level consolidation, and further breakthroughs towards one new high after another.

Therefore, in terms of operations, we will not short, and long positions at lower levels should still be reduced on rallies, considering short positions as we approach the 100000 level based on the situation.

The resistance levels at the daily chart are 99700-102044, and the support levels are 94765-91680-88950.