On May 5th, Bitcoin declined for three consecutive days from its high of $97,865 on the 2nd, reaching a low of $93,445. According to Coinglass data, approximately $116.32 million in Bitcoin long positions were forcibly liquidated, indicating a high concentration of leverage and large-scale stop-loss events due to market pullback. The current funding rate has turned from positive to negative, reflecting weakened trader long sentiment. Overall trading volume has fallen, but as the price approaches the $93,000 support level, crypto market sentiment may become cautious in the short term.
Bitunix analysts suggest: $93,000 is a short-term support level, and if breached, be wary of further decline to $90,000; $97,800–$98,000 is the recent resistance zone. Pay attention to this week's economic data and FOMC resolution, which will cause further market volatility. Flexibly adjust position ratios to cope with macro and crypto market volatility risks.
