As seen in the chart, BTC fell back below the inverse head-and-shoulders neckline yesterday, weakening the bulls and has established a lower-high and lower-low pattern (bearish setup). While a failed breakout usually indicates a bigger-picture reversal, in this case it means the corrective rally from the low of $7,925 has ended and the sell-off from the May 5 high of $9,990 has resumed.
TradingView.com BTC/USD Chart
Some days, the bitcoin price had remained in the range of $7,900 to $8,600, struggling to gain momentum above $8,800, which is considered as a major support level. over the past week, bitcoin has been able to gradually build momentum from $7,900 to $8,500, but on May 22, Bitcoin fell to $ 8200. which it has not done in previous corrective rallies.
The latest attempt of bitcoin to breach the $8,560 support level was on May 15, nearly a week ago. After surpassing $8,500, due to the pressure of bears, bitcoin dropped rapidly to $8,200 and bouncing back in the $8,000 region. If the bitcoin price can rebound to $8,800 in the upcoming days, possibly within the next 48 hours, it is likely that the bitcoin price tests the $9,000 support level soon after, eyeing an entrance into the $10,000 region by the end of May.
