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Bitcoin entered May trading firmly above $78,000, recording a 3.5% increase during Friday's session to secure a bullish weekly close. While the price previously hit record highs of $79,000 after reclaiming its 100-day Moving Average, it is currently trading at $78,400 with limited price movement over the last 24 hours. The $78,600 resistance level remains a critical hurdle after being tested for the seventh time, while extreme funding rates suggest potential market overextension. Despite open interest holding steady at $55 billion, analysts remain cautious of a potential correction if current support levels fail. Investors are now closely monitoring the upcoming FED meeting for signals on monetary policy and its impact on high-risk assets.
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