According to Miles Deutscher, there is a clear trading setup forming on BTC and major altcoins, prompting him to set his buy orders in anticipation of potential price movements. Deutscher, alongside expert trader ParadiseXBT_, has released a comprehensive market update outlining essential strategies and actionable insights for traders positioning themselves for upcoming volatility. This update is particularly relevant for active crypto market participants preparing for near-term market shifts. Source: Miles Deutscher

According to AltcoinGordon on Twitter, the current sentiment among crypto traders is strongly bearish, as reflected in the widespread market downturn and negative outlook across major altcoins (Source: AltcoinGordon, Twitter, May 8, 2025). This bearish trend has resulted in increased selling pressure and reduced trading volumes, with key support levels being tested. Traders should remain cautious, monitor for potential oversold signals, and consider risk management strategies as the market navigates this period of heightened volatility.