Crypto Breaking News posted: "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: TradingViewAnalysis of BTC price: "Welcome to bearadise"Data from Cointelegraph Markets Pro " Crypto Breaking News
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."
Longs get bolder as BTC price sinks
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.
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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