Bitcoin formed three consecutive negative lines on the daily chart, but it is still running above the 20-day moving average (about $102,500). The medium-term upward trend has not changed, but the K-line pattern shows a typical high-level sideways shock feature, indicating that market participants are more cautious before the option expires. Its resistance levels are $107,500 (recent shock high), $110,000 (psychological barrier) and $112,000 (historical high); support levels are $105,700 (current short-term support), $102,500 (20-day moving average) and $100,000 (psychological support). The 24-hour trading volume is about $5.566 billion, an increase of about 5.2% from the previous day, but it has not yet reached the level of the historical high period, and the trading volume and price have diverged. The price has fallen but the trading volume has rebounded, suggesting that some investors may start to build positions in the correction
It is worth noting that May 31 is the expiration date of the Bitcoin monthly options contract, and the open interest (OI) is as high as 23.5 billion US dollars, a record high, and the dominant price is 110,000 US dollars, indicating that the market expects this price to be very attractive. As of May 28, the daily net inflow was about 433 million US dollars, and it has maintained net inflows for 10 consecutive days, indicating that institutional funds continue to be optimistic about the medium and long-term prospects of Bitcoin
