Bitcoin (BTC) Nears Two-Month Lows Amid Fears of "Head and Shoulders" Pattern

05/12 15:45

Bitcoin (BTC) has dropped to its lowest level since March 17, with fears of a "head and shoulders" pattern causing concern among market participants. Despite positive macroeconomic conditions, Bitcoin has failed to capitalize on potential gains as bid liquidity has decreased. The long/short ratio has diverged, with long positions now prevalent, according to analyst Philip Swift. However, multiple traders are already anticipating a deeper retracement to $25,000 or even below.

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