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Is there a divergence playing out in the current market correction? From a technical angle, the possibility of Bitcoin’s (BTC) 1.7% correction on 7 May acting as another short-term reset looks likely.
Bitcoin has formed four higher lows since the end of March, and each pullback has been followed by higher highs. The most recent high reached $82,000 on 6 May.
In this context, a reset before attempting another higher high above $85,000 makes sense. During prior corrections, Bitcoin ETFs also turned negative, and recent flows appear to be following a similar pattern.
Bitcoin ETFs recorded $286 million in outflows, aligning with the 1.7% correction.
In short, Bitcoin’s consolidation could be forming a base for a breakout above $82,000 resistance.
According to AMBCrypto, this is where the divergence comes into play. Michael Saylor recently signaled “buy more BTC than you sell,” a message analysts said may have contributed to BTC’s 1.7% correction as market participants adjusted positions in response to the signal and shifting flows.
From a positioning perspective, analysts noted it was the first post by Saylor where the emphasis was not entirely on aggressive buying, but instead suggested a more balanced approach between accumulation and distribution.
The shift raises questions about whether this signals the end of Strategy’s (MSTR) “never sell” stance after its Q1 report recorded a $12.54 billion loss as Bitcoin fell over 22%.
Against this backdrop, the key question is whether BTC’s correction is more than just a short-term reset. The article also highlights risk for the $17 billion in longs near $67,000 if selling continues.
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