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Maintain a Cautiously Bullish Outlook, Focusing on Recent Range-Bound Trading
Cryptocurrency
Summary:
The cryptocurrency market experienced a sharp downturn in the last 24 hours, with Bitcoin breaching the US$102,000 level, resulting in over US$730 million in liquidations. Of these, 73% were long positions, indicating excessive bullish sentiment among traders.
Buy
CLOSEDBTC-USDT
End Time
102547.8
Entry Price
106500.0
TP
99500.0
SL
104097.4 -456.8 -0.44%
39522
Points
Profit
99500.0
SL
106513.5
CLOSING
102547.8
Entry Price
106500.0
TP
Fundamentals
Bitcoin experienced a brief dip below US$101,000 this week before recovering to approximately US$103,560, representing a daily fluctuation of about 2.6%. The cryptocurrency continues to consolidate within a US$100,000-US$105,000 range in the short term.
Market analysis indicates Bitcoin's decline below US$103,000 amid heightened liquidations, while whale activity remained subdued. This suggests the price correction aimed to flush out over-leveraged long positions.
Liquidation data reveals significant volatility among highly leveraged positions. Over the past few hours, various crypto exchanges saw liquidations totaling US$730 million. Of these, 93.44% were long positions. Bybit led in liquidations, with US$49.71 million, followed by Binance at US$26.72 million.
Despite market volatility, overall sentiment remains cautiously optimistic. Notably, whale behavior appears stable, with no significant sell-offs of long positions. Furthermore, substantial buying interest persists on the order books. Consequently, some market observers view the current pullback as a consolidation phase rather than the start of a broader downtrend.
The Fear & Greed Index currently registers around 70, indicating "Greed," suggesting bullish sentiment but cautioning against potential corrections.
Additionally, the BlackRock Bitcoin ETF has recorded consecutive days of net inflows, accumulating US$356 million, signaling robust institutional demand. Meanwhile, on-chain data reveals that whale-tier addresses (holding 10–10,000 BTC) have net-added approximately 83,000 BTC over the past 30 days, indicating continued accumulation by large holders.
Technical Analysis
Bitcoin faced resistance near US$107,000 on Sunday, followed by a 2% decline the next day. As of Tuesday, Bitcoin is trading around US$103,500.
Momentum indicators suggest waning bullish strength, though further upside remains possible. The Relative Strength Index (RSI) in the 1D timeframe is at 67, trending downward after failing to breach the overbought threshold of 70, indicating weakening bullish momentum. A continued decline in the RSI, breaking below the neutral 50 level, could trigger a significant Bitcoin price correction, potentially retesting the US$100,000 psychological support.
However, a Bitcoin price recovery, with a close above the US$105,700 resistance level, could pave the way for a rally towards the all-time high of US$109,588, established on January 20.
Trading Recommendations
Trading Direction: Buy
Entry Price: 102550
Target Price: 106500
Stop Loss: 99500
Valid Until: May 28, 2025 23:55:00
Support: 103162, 100776, 99126
Resistance: 105022, 105689, 106496
Risk Warnings and Investment Disclaimers
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