On May 6, 10x Research released a report stating that Bitcoin rose by 25% over the past month, driven by continuous ETF fund inflows and institutional spot buying.
However, some emerging signals—such as the decline in Coinbase premium and weak funding rates—indicate that the momentum of this rally may be weakening.
Although Bitcoin still has some upward potential from an options skew perspective, macroeconomic pressures are accumulating: the Federal Reserve maintains a neutral stance (with an upcoming meeting), volatility is slowly rising, and trade-related uncertainties persist.
The market is currently showing potential consolidation signs around $95,000, with traders waiting for new catalysts.
This is not a time for blind risk-taking, but rather to adopt tactical positioning and set clear risk exposures.
