BlockBeats News, May 5th: Bitcoin has been falling for three consecutive days since reaching a high of $97,865 on May 2nd, hitting a low of $93,445. According to Coinglass data, approximately $116.32 million worth of Bitcoin long positions have been liquidated, indicating that market leverage is highly concentrated and a large-scale stop-loss triggered due to the market pullback. The current funding rate has changed from positive to negative, reflecting a weakening bullish sentiment among traders. Overall trading volume has decreased, but as the price approaches the $93,000 support level, the cryptocurrency market sentiment may shift to a more cautious stance in the short term.
Bitunix analyst suggestion: $93,000 is the short-term support, and if breached, be cautious of a further drop to $90,000; $97,800–$98,000 is the recent resistance zone. Pay attention to this week's economic data and the FOMC decision, which will further drive market volatility. Adjust your position flexibly to hedge against macro and cryptocurrency market risks.
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