On May 19, BTC’s price slipped from a local high above 107,000 USD, confirming bearish divergence. The current downturn is linked to broader market weaknesses, exacerbated by a credit rating downgrade of the US by Moody’s. Analysts caution against placing long positions amid these conditions.
An inverse head-and-shoulders pattern indicates a potential price retest at 91,000 USD before any bullish recovery. Critical support for BTC remains between 97,000 USD and 98,500 USD, where failing to hold could lead to further declines.
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