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Technical Analysis for BTCUSD for 12th May 2022

Bitcoin Crashing, Drops 31% as BTC Sinks below $29.5k

Past Performance of BTC

The Bitcoin price is within a bear breakout formation as per the arrangement in the daily chart. By early May 11, BTC was down double digits in the last trading week, dropping 31 percent and below the critical support level of $29.5k. Sellers remain firmly in control, and BTCUSDT in new 2022 territory.

Bitcoin Technical Analysis

Bitcoin bulls are being minced at spot rates as bears press on, forcing prices below crucial support levels. At spot rates, BTC is at new 2022 lows and trading below $30k, marking July 2021 lows. As it is, Bitcoin bear bars are banding along the lower BB pointing to strong downside momentum. Accordingly, traders might find selling opportunities, targeting $24k in the short term. Any rebound above $30k may relieve crashed buyers.

What to Expect from BTC

Bitcoin is under immense selling pressure despite the dead cat bounce of the past two days. However, the coin could recover if there is a close above $30k. Presently, BTC may drop to as low as $24k--a reaction point.

Resistance level to watch: $29.5k

Support level to watch: $24k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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