Bitcoin Faces Potential Red May Despite Recent Recovery
- Bitcoin’s price has climbed back above $80,000 for the first time since January.
- Analyst Leshka predicts a bearish trend, noting a bear flag pattern on the daily chart.
- The critical resistance level is around the $82,000 mark, coinciding with the 200-day moving average.
- Historically, May has been strong for Bitcoin with an average gain of 18.7%.
- Bitcoin is up by approximately 7.11% in May so far, but faces resistance at key levels.
Despite Bitcoin’s recent recovery above $80,000, analyst Leshka warns of a potential downturn due to a bear flag formation and resistance at the $82,000 level. Historically strong Mays add intrigue to this prediction as Bitcoin’s current performance is tested against historical averages.
If Bitcoin fails to break past the critical resistance level marked by the 200-day moving average, it may see a decline similar to previous difficult Mays like those in 2021-2023. (Source)
