Bitcoin enters $26K ‘bearadise’ as BTC price approaches 2-month lows

Extra information from Coinglass put the long/short ratio at 58.7% long at the time of composing on May 12. BTC long/short ratio chart. Source: CoinglassMagazine: Unstablecoins: Depegging, bank runs and other threats loomThis article does not include financial investment guidance or suggestions. Every investment and trading relocation involves risk, and readers need to conduct their own research when making a decision.

Bitcoin (BTC) neared two-month lows on May 12 amid fears that a “head-and-shoulders” pattern would put bears ahead.BTC/ USD 1-hour candle light chart (Bitstamp). Source: TradingViewAnalysis of BTC price: “Welcome to bearadise” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $26,100 on Bitstamp– its least expensive considering that March 17.” Welcome to bearadise,” on-chain monitoring resource Material Indicators summarized.A chart published to Twitter the day before revealed primary buy support now around $25,750, with BTC/USD consuming liquidity greater overnight.BTC/ USD order book data (Binance). Source: Material Indicators/ TwitterOn everyday timeframes, issues among market participants hence focused on whether the set would now stay lower after three local tops.This “head-and-shoulders pattern,” now clearly visible on the chart, would create a negative precedent ought to it confirm. BTC long/short ratio chart.

As Cointelegraph reported, several traders were already looking for a much deeper retracement to $25,000 or lower. #BTC repeating very same path25k$ seems to be the logical level everybody tends to spam the BUY buttonAnticipating pic.twitter.com/QUyYpOFahM— Mikybull Crypto (@MikybullCrypto) May 12, 2023

These consisted of nominally bullish Jelle, who conceded on the day that Bitcoin might make a “last stab” at the $25,000 mark prior to reversing.He noted that relative strength index (RSI) readings were not serving sellers well on low timeframes.” Bitcoin destroyed straight through support, next major zone of interest is around 24-25k,” he tweeted.” BTC/USD annotated 4-hour chart with RSI.

Bitcoin (BTC) neared two-month lows on May 12 amid fears that a “head-and-shoulders” pattern would put bears ahead.BTC/ USD 1-hour candle chart (Bitstamp).” Welcome to bearadise,” on-chain tracking resource Material Indicators summarized.A chart published to Twitter the day prior to revealed primary buy assistance now around $25,750, with BTC/USD consuming liquidity greater overnight.BTC/ USD order book data (Binance). Source: Material Indicators/ TwitterOn everyday timeframes, issues amongst market individuals therefore focused on whether the set would now remain lower after 3 local tops.This “head-and-shoulders pattern,” now clearly noticeable on the chart, would create an unfavorable precedent needs to it validate.