According to QCP (@QCPgroup), as the US market open approaches, traders are closely watching whether Bitcoin's current rally will sustain or fade upon confirmation. QCP maintains a cautiously constructive outlook but emphasizes that significant upside for BTC remains limited until there is a daily close above the $100,000 level. This insight highlights the importance of the $100K resistance as a critical psychological and technical barrier for traders considering long positions. Source: QCP (@QCPgroup), May 8, 2025.

According to Cas Abbé, nearly $2 billion in Bitcoin open interest has been wiped out over the past two days, signaling significant liquidations and volatility in BTC markets (source: @cas_abbe on Twitter, May 4, 2025). Despite this, the funding rate remains positive, indicating that late bullish traders are still attempting to buy the dip. This suggests that BTC could see further downside before the funding rate turns neutral or negative, a key indicator that typically marks a market bottom. Traders should be cautious as additional volatility is likely when the US market opens, with further downside risk if bullish sentiment persists without price support (source: @cas_abbe).

According to @52kskew, a similar algorithmic trading pattern as observed previously is causing taker bids to drive prices up initially into the US market open. This activity suggests continued influence of algorithmic strategies in the cryptocurrency market, particularly around key trading times like the US open.

According to Michaël van de Poppe, the cryptocurrency market has experienced a 15% decline alongside a 12% drop in NVIDIA shares and over 10% in European chip companies. This market activity suggests a potential rebound after the U.S. market opens, presenting a possible trading opportunity for short-term traders monitoring these assets closely.