On May 8th, the Bitcoin price witnessed a sudden sell-off recording a 2% intraday loss. The selling pressure could be triggered when Binance world’s largest crypto exchange paused Bitcoin withdrawals twice since yesterday amid a spike in gas fees. With this price drop, the sellers breached the support trendline of the symmetrical triangle pattern reflecting a high possibility of prolonged correction.
Key Points:
The Bitcoin price ends two weeks of consolidation on a bearish note hints an upcoming downfall
A breakdown below the pattern’s support trendline accelerates the selling pressure on the Bitcoin price
The intraday trading volume in Bitcoin is $15.2 Billion, indicating a 21% gain.
Source-Tradingview
By the press time, the Bitcoin price traded at $28035 and shows a bearish breakdown from the support trendline of the triangle pattern. The coin price resonated within this triangle for the past three weeks, projecting an uncertain sentiment among market participants.
However, this
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