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.
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.
On daily timeframes, concerns among market participants thus focused on whether the pair would now stay lower after three local tops.
This “head-and-shoulders pattern,” now clearly visible on the chart, would create a negative precedent should it confirm.
“We simply cannot let the #Bitcoin head and shoulders crowd win,” financial commentator Tedtalksmacro insisted.
“Back above $27k things will get very interesting…”
Trader and analyst Moustache meanwhile showed that it was already time for the key 200-week moving average (WMA) to receive a retest.
A “make or break level,” the 200 WMA has served as support since mid-March.
#Bitcoin (W)$BTC is currently testing the MA 200 (W). This line marked the bottom in 2015,2019 and 2020.
— ⓗ (@el_crypto_prof) May 12, 2023
At the same time, $BTC is testing the middle line in the Gaussian Channel.
This is really strong support and a make it or break it level imo. pic.twitter.com/auzL125G1W
As Cointelegraph reported, multiple traders were already looking for a deeper retracement to $25,000 or lower.
#BTC repeating same path
— Mikybull Crypto (@MikybullCrypto) May 12, 2023
25k$ seems to be the logical level everyone tends to spam the BUY button
Anticipating pic.twitter.com/QUyYpOFahM
These included nominally bullish Jelle, who conceded on the day that Bitcoin may make a “last stab” at the $25,000 mark before reversing.
He noted that relative strength index (RSI) readings were not serving sellers well on low timeframes.
“Bitcoin nuked straight through support, next major zone of interest is around 24-25k,” he tweeted.
“RSI is failing to push into the extremes, suggesting sellers are getting exhausted. One last stab into 25k that gets quickly bought up, would make sense.”
More confident that the worst losses would soon be over was analyst Philip Swift, co-founder of trading suite DecenTrader and creator of data resource LookIntoBitcoin.
Related: Bitcoin price can ‘easily’ hit $20K in next 4 months — Philip Swift
In a tweet, he noted that while the price has been falling, the long/short ratio has diverged, with long positions now prevalent.
Im not convinced we have a major correction coming on this Bitcoin move down.
— Philip Swift (@PositiveCrypto) May 12, 2023
Near term though it is interesting to note that the long/short ratio has been climbing as price has trended down. pic.twitter.com/sefGEi39CD
Additional data from Coinglass put the long/short ratio at 58.7% long at the time of writing on May 12.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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14.10.25 08:46
robertalfred175
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14.10.25 08:46
robertalfred175
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15.10.25 18:07
crypto
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15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1