May 17 BTC Market Analysis & ETH Trading Suggestions

Bitcoin is currently trading at approximately $103,400, with an intraday fluctuation range of $102,540-$103,650, down slightly by 0.5% compared to yesterday, overall in a high-level consolidation phase. Although Bitcoin previously broke through the $100,000 mark and set a new historical high, short-term momentum has weakened, and the market has entered a technical adjustment period.

Key Support and Resistance Levels

Support Levels:

$101,000-$102,000 (daily trendline and 50-day moving average support);

$93,500-$94,200 (short-term bull-bear divide, rebounded in April).

Resistance Levels:

$104,000-$106,000 (recent resistance dense area);

$108,000-$115,000 (historical resistance level, needs breakthrough with increased trading volume and MVRV indicator coordination).

Technical Aspects and Market Sentiment

Technical Indicator Signals

Daily MACD green bars are shrinking, momentum is weakening, RSI has fallen from the overbought zone, indicating short-term pullback demand.

In the four-hour chart, EMA60 ($101,800) is a key dynamic support; if it breaks, it may trigger a deeper adjustment.

Market Sentiment Divergence

Bullish Logic: Institutional capital inflow, favorable policies, and the upward channel on the technical front remain unbroken, supporting the mid-term bullish trend.

Bearish Risks: Shrinking trading volume, excessive leverage, and selling by long-term holders may exacerbate short-term volatility.$BTC

May 17

Bitcoin: Short $103,700-$103,200, target $102,500-$102,000

Ethereum: Short $2,520-$2,490, target $2,460-$2,400