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Bitcoin’s price action has resolved the week’s trend debate, with the May 1–3, 2026 finale turning into a technical and fundamental trap for short sellers. Early in the week, bears attempted to push prices lower amid outflows from funds, but the market ultimately closed the week on a stronger note.
The chart’s key feature is a weekly candle with a long lower wick. At the time of writing, the candle is closing above the middle Bollinger Band at $76,589, as shown by TradingView. The move was not limited to a break higher: price retraced, tested the area below the mid-band for demand, and then bounced.
This type of wick is typically interpreted as the result of aggressive buying. While retail participants hesitated, “smart money” used the local dip to add to positions.
Data from US spot Bitcoin ETFs over the week helps explain why bearish pressure failed. From April 27 to 29, ETFs recorded three consecutive days of outflows, with the market losing nearly $500 million. The turning point came on May 1, when ETFs posted $629.73 million in net inflows, according to SoSoValue.
This single-day inflow more than offset the weekly negative flow and provided the buying momentum that helped lift the candle’s lower wick.
With a bullish weekly close and the return of aggressive ETF buying, the article notes there is currently little for bears to build a case on. The combined setup supports a move toward $95,600 as the base scenario for May 2026.
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