CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News
Bitcoin (BTC) made a bullish breakout from the downward wedge on May 4, but failed to develop growth and eventually fell sharply.
Bitcoin formed a local high of $48,189 on March 28 and has been declining ever since. As a result, on May 1, BTC marked a local low of $37,386, testing the horizontal area at $37,800, which had been supporting the price since early March, as support.
On the 4th of May BTC briefly broke through above $40,000 mark and made the maximum at $40,023, but on the next day coin sharply declined.
On May 5, bitcoin formed a bearish takeover candle (highlighted on the chart). This led to a bearish breakout of the $37,800 horizontal support area, which had been on the chart since early March.
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