Bitcoin (BTC) is down 4.06% on the week. With the weekly and monthly closes in less than two days, sell signals are emerging across all time frames, hinting at exhaustion of the bullish trend. To make matters worse, known crypto analysts are flashing signs of a bitcoin price correction ahead.
Why This Might Be A Local Top For Bitcoin?
Multiple crypto experts and traders have shared their bearish analysis for the short term signalling a significant shift in the overall market sentiments. We have collected, some of the top expert analysis to get the best picture on Bitcoin’s next price movement.
A popular crypto analyst, OrderAndFlow, noted an unconfirmed but potential bearish divergence and bearish swing failure pattern ahead of the monthly close.
There’s “nothing to worry about,” said the analyst, but warned that investors must pay attention to tomorrow’s monthly close as it could make or break the bullish trend.
The bearish divergence and swing failure pattern observed after the monthly close in September 2021 also hinted at a potential crash, similar to the one BTC price is experiencing today. However, the down close November 2021 monthly candlestick confirmed the bearish fate of Bitcoin price, leading to a brutal bear market. Although the monthly candlestick for May is in the red, June will determine whether a bear market is underway. OrderAndFlow noted,
“Next month is really where it all lies. If we lock in a red monthly next, then it’s a different story, and will be a much more likely cause for concern.”
Willy Woo, a well-known on-chain analyst and founder of Bitcoinvector, further highlighted the bearish divergence on the weekly chart.
“Dear Mr Bitcoin, you have 2 days 16 hours to rally or your gonna print a bearish divergence on weekly charts and then we will be bored for weeks and weeks.”
The weekly divergence is more nuanced on the weekly timeframe in hinting at a looming correction for Bitcoin price. The volume profile shows a key high volume node around $100,000.
Bitcoin Daily Price Analysis
The 5.60% drop in Bitcoin price since the May 27 swing high has led to the breakdown of the uptrend. This bull trend, visualized by the trend line connecting the higher highs and higher lows since April 20, has been breached. Typically, this signals a exhaustion of the bullish momentum and hints at a cooling off period where assets tend to retrace lower to key support levels.
Analyst Exitpump in a tweet shared his one-hour Bitcoin price chart that shows an ask-dominated spot orderbook at 25% depth. This signals that investors are not looking to buy and are interested in selling spot BTC here.
To conclude, the overall Bitcoin price outlook remains uncertain, but it leans bearish. The bearish divergence and swing failure patterns on the monthly and weekly timeframes, coupled with a breakdown of the uptrend on the daily and ask-dominated spot orderbook, hint at a looming correction for BTC.
For a long-term price prediction of Bitcoin price from 2025-2030 – Read This
Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist
Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts.
A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise.
Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/bitcoin-price-analysts-worrying-signals-sharp-pullback/
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