Bitcoin enters $26K ‘bearadise’ as BTC price approaches 2-month lows
BTC price action is now retesting its key 200-week moving average after holding it as support since March. 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). Source: TradingView Analysis of BTC price: “Welcome to bearadise” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $26,100 on Bitstamp — its lowest since March 17. Despite encouraging macroeconomic conditions for risk assets, Bitcoin failed to capitalize on the potential for gains as bid liquidity headed lower. “Welcome to bearadise ,” on-chain monitoring resource Material Indicators summarized. A chart uploaded to Twitter the day before showed principal buy support now around $25,750, with BTC/USD eating liquidity higher overnight. BTC/USD order book data (Binance). Source: Material Indicators/ Twitter On daily timeframes, concerns among market participants thus focused on whether the pair would n...