TechFlow News, May 7: According to CoinDesk, Bitcoin has risen from approximately $63,000 to over $80,000 in the past three months, with several key indicators now converging on an $85,000 target. On-chain, BTC has broken above two critical support levels—the “True Market Value” ($78,200) and the “Short-Term Holder Cost Basis” ($79,100). Research firm Glassnode notes that the next resistance level lies near the Active Realized Price of $85,200. In the futures market, funding rates have shifted from negative to neutral, indicating a clear retreat of prior large-scale short pressure and rising risk of a short squeeze. In the options market, market makers hold roughly $2 billion in “short gamma” exposure near $82,000; price increases will compel them to continuously hedge by buying, creating positive feedback. However, analysts caution that Bitcoin remains highly correlated with U.S. tech equities; if equity markets pivot toward risk aversion, upward momentum may be dampened.
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