May 5th Bitcoin (BTC) thoughts:


Bitcoin is stuck around 80,500, moving sideways here; any attempt to push upward has no strength at all, and the sell orders are particularly heavy. On the daily chart, a long upper shadow has formed—bulls are already running out of steam.
On the news front: the situation between the US and Iran has become tense again; the ceasefire agreement is close to falling apart. Geopolitical risk is rising, which is bearish for the market—at high levels, it simply can’t go up.
Bitcoin:
If it rebounds to the 80,500–81,000 range, enter a short directly. First look for 78,500. If it breaks below, then look further down toward 77,000.
$BTC
BTC1.06%
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