Bitcoin bearish divergence threatens price drop below $100K
The post Bitcoin bearish divergence threatens price drop below $100K appeared on BitcoinEthereumNews.com. Key takeaways: Bitcoin dropped over 4.5% on May 19, confirming a bearish divergence and threatening a break below $100,000. Analysts highlight $97,000–$98,500 as key support that the bulls must hold. A potential inverse head-and-shoulders pattern points to a retest of $91,000 before any bullish continuation. Bitcoin (BTC) is down over 4.5% from its intraday high on May 19, falling to around $102,000 in its worst daily drop in over a month. BTC/USD daily price chart. Source: TradingView BTC’s drop accompanied downside moves elsewhere in the risk market, prompted by Moody’s latest downgrade of the US government due to a rising budget deficit and the lack of a credible fiscal consolidation plan. The decline confirms a bearish divergence and, combined with other technical factors, raises the risk of a BTC price breakdown below $100,000, a key support level. Bitcoin’s bearish divergence hints at sub-$100K Bitcoin’s price action showed technical weakness ahead of its May 19 sell-off. On May 19, BTC pushed to a new local high above $107,000, but its relative strength index (RSI) printed a lower high, confirming a classic bearish divergence. Source: Bluntz This discrepancy between price and momentum is often a precursor to a trend reversal, and in this case, it played out with a swift 4.5% intraday decline. Analyst Bluntz warned traders to “be careful with [placing] longs.” Swissblock analysts observed that Bitcoin “grabbed liquidity” above the $104,000–$106,000 resistance range but failed to sustain a breakout. Bitcoin’s price vs. BTC onchain and trading volume. Source: Swissblock The rejection pushed the price back into a prior volume-heavy zone, with immediate support between $101,500 and $102,500 now under pressure. Swissblock identifies the $97,000–$98,500 range as a key downside target based on historical onchain volume and trading activity if the $101,500-102,500 area fails to hold. Bitcoin’s H&S pattern targets $91,000…
The post Bitcoin bearish divergence threatens price drop below $100K appeared on BitcoinEthereumNews.com.
Key takeaways: Bitcoin dropped over 4.5% on May 19, confirming a bearish divergence and threatening a break below $100,000. Analysts highlight $97,000–$98,500 as key support that the bulls must hold. A potential inverse head-and-shoulders pattern points to a retest of $91,000 before any bullish continuation. Bitcoin (BTC) is down over 4.5% from its intraday high on May 19, falling to around $102,000 in its worst daily drop in over a month. BTC/USD daily price chart. Source: TradingView BTC’s drop accompanied downside moves elsewhere in the risk market, prompted by Moody’s latest downgrade of the US government due to a rising budget deficit and the lack of a credible fiscal consolidation plan. The decline confirms a bearish divergence and, combined with other technical factors, raises the risk of a BTC price breakdown below $100,000, a key support level. Bitcoin’s bearish divergence hints at sub-$100K Bitcoin’s price action showed technical weakness ahead of its May 19 sell-off. On May 19, BTC pushed to a new local high above $107,000, but its relative strength index (RSI) printed a lower high, confirming a classic bearish divergence. Source: Bluntz This discrepancy between price and momentum is often a precursor to a trend reversal, and in this case, it played out with a swift 4.5% intraday decline. Analyst Bluntz warned traders to “be careful with [placing] longs.” Swissblock analysts observed that Bitcoin “grabbed liquidity” above the $104,000–$106,000 resistance range but failed to sustain a breakout. Bitcoin’s price vs. BTC onchain and trading volume. Source: Swissblock The rejection pushed the price back into a prior volume-heavy zone, with immediate support between $101,500 and $102,500 now under pressure. Swissblock identifies the $97,000–$98,500 range as a key downside target based on historical onchain volume and trading activity if the $101,500-102,500 area fails to hold. Bitcoin’s H&S pattern targets $91,000…
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