While spot buying is going crazy, short positions are surging Despite Bitcoin's recent rebound, a large number of bears are increasing their bets that it will fall CEX.IO data shows that in April, the interest paid by bearish traders to maintain their short positions was about 11%, once spiking to 19%, reaching the highest level since early 2023 At the same time, Bitcoin is experiencing one of the largest record-breaking accumulation waves of holdings While spot buying is going crazy, short positions are surging, and bulls and bears are clashing head-on A fierce volatility is likely to follow, and one side will definitely be severely tested by the market Spot traders who are not afraid of losses won't get liquidated

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#加密市场小幅下跌 Bitcoin fails to break through the $80k resistance level, on-chain indicators show a mix of bullish momentum and cautious sentiment CoinDesk reports that Bitcoin fell below $76,000, retreating after failing to break through $80,000. Uncertainty surrounding the reopening of the Strait of Hormuz and macroeconomic conditions have unsettled the market. Meanwhile, technical and on-chain data provide mixed signals on whether BTC can sustain this rebound. Since hitting a low below $60,000 on February 6, Bitcoin has gained 30%, but it stalled due to selling pressure in the $78,000 to $80,000 supply zone. This range also coincides with the current 20-week exponential moving average (EMA), emphasizing the significance of this resistance level. MN Capital founder Michael van de Poppe said that the current pullback is a “typical behavior” ahead of the FOMC meeting. He added, “I believe we are still in a strong market phase.” On the support side, Bitcoin retested the $75,500 support level, which also aligns with the 20-day EMA, 100-day EMA, and the lower boundary of an upward channel. Glassnode’s realized price distribution of UTXOs (URPD) shows that the direct resistance is around $78,000, where investors hold 335,650 BTC; approximately 298,560 BTC were bought at an average price of $75,500, forming a key support level. On-chain, Glassnode data indicates that the Bitcoin market exhibits “a mix of bullish momentum and cautious sentiment.” Spot CVD (Cumulative Volume Delta) rose from $18.3 million to $54.8 million, an increase of nearly 200% over the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume decreased by 13.8% from $6.95 billion to $5.99 billion over the past week, “indicating reduced market activity.” Meanwhile, daily active addresses declined by 1.6%, showing lower network engagement. Analysis: Market attention on CME Bitcoin futures gap near $82k, filling this gap may determine the continuation of the rebound According to Decrypt, the crypto market is highly focused on the CME Bitcoin futures gap near $82k. Analysts believe this level will be a key technical point in determining whether the current rebound can continue. Since CME Bitcoin futures close on Fridays and reopen on Sundays, a price gap often forms, and markets typically fill this gap before choosing a clear direction. If Bitcoin can successfully fill the gap and hold above $82k, the rally is more likely to evolve into a sustained recovery; if it faces resistance and falls back, it may just be a “bull trap.”