PANews reported on May 10th that, according to Cointelegraph, Bitcoin fluctuated above $80,000 over the weekend, with no further significant pullback expected. However, many traders believe the short-term correction is not yet over. Data shows that BTC failed to hold above $83,000 after briefly approaching it last week, and the market is now refocusing on the key support area around $80,000.

According to the analysis account Cryptic Trades, the current low-cycle price action suggests that after encountering resistance near the high-cycle resistance level, Bitcoin is more likely to retrace to the "Bull Market Support Band" in the short term, which is the area between two key moving averages below $80,000. They believe that as long as BTC can hold this support band and the high-cycle support zone around $75,000, it is still likely to continue its upward trend.

Trader Daan Crypto Trades also pointed out that Bitcoin's previous breakout of the bull market support zone was "not clean," and the market needs to hold above the $80,000 low for one to two weeks to confirm a strengthening trend.

In addition, the market is focused on the upcoming US April CPI data. Trader Killa believes the market has partially priced in inflation expectations, but referencing the market performance after previous CPI releases before 2025, large funds may reduce their risk exposure again before the data release. He also cautioned that if key support is breached, $74,000 could become the next important area to watch.