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 <p class="paragraph">Bitcoin (BTC) and the broader cryptocurrency market are grappling with bearish pressure. Notably, the maiden digital asset is experiencing difficulty sustaining trading levels above $60,000, and some market participants anticipate further downside.</p>
 <p class="paragraph">In this line, in a <em>TradingView</em> post on May 10, crypto trading expert <em>TradingShot</em> indicated that, according to technical indicators, Bitcoin might encounter additional losses as it contends with <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a> at critical levels.</p>
 <p class="paragraph">The analyst observed that repeated <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a>s at the one-day moving average 50 (1D MA50) around the $65,000 position had marred Bitcoin’s recent price action around the $65,000 position. This movement marks the third <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a> almost a month since the bearish breakout on April 13.&nbsp;</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="571" src="https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp" alt class="wp-image-175361" srcset="https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 1121w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
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 <p class="paragraph">Therefore, this failure to sustain momentum above this key moving average raises concerns among traders and analysts.</p>
 <h2 class="wp-block-heading" id="h-implication-of-bitcoin-s-setbacks-nbsp">Implication of Bitcoin’s setbacks&nbsp;</h2>
 <p class="paragraph">Additionally, the analyst noted that Bitcoin’s latest setback has seen it break below the 1D MA100 by around $61,000, a crucial support level. According to <em>TradingShot,</em> this development is far from ideal, potentially paving the way for a lower low in Bitcoin’s price action.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The technical structure since April 08 is a Channel Down nonetheless, so such feat is certainly possible on the short-term. As you can see from past 1D MA50 bearish break-outs, BTC tends to get more than 2 <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a>s and excluding January 2024, it has stayed below the 1D MA100 for longer,”&nbsp; the expert said.&nbsp;</p>
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 <p class="paragraph">What makes the current situation particularly noteworthy is the potential for Bitcoin to experience a <a rel="noopener noreferrer nofollow" title="significant" href="https://thebittimes.com/tag/significant.html">significant</a> decline. The expert pointed out that should a lower low be established; Bitcoin would not only test the 1D MA200, around the $50,000 mark, but also approach a nearly 30% decline from its recent record high of above $73,000.&nbsp;</p>
 <p class="paragraph"><em>TradingShot</em> underscored that such a decline is not uncommon during bull cycle rallies, suggesting that Bitcoin’s current woes may be part of a broader market correction. However, for investors and traders, the implications of these technical indicators point towards further downside potential for Bitcoin in the near term.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-bullish-sentiments-nbsp">Bitcoin’s bullish sentiments&nbsp;</h2>
 <p class="paragraph">It’s worth noting that Bitcoin remains entrenched below the crucial $65,000 resistance level as the market anticipates the onset of the post-halving rally. Despite short-term bullish sentiments, Bitcoin has struggled to gain momentum, failing to capitalize on positive news, such as the revelation of banking giant JPMorgan Chase’s (NYSE: JPM) exposure to exchange-traded funds (ETFs).&nbsp;</p>
 <p class="paragraph">Notably, the dynamics surrounding ETFs, including inflows and outflows, have influenced Bitcoin’s recent price trajectory.</p>
 <p class="paragraph">Despite the prevailing cautious sentiment, an underlying bullish outlook persists within the market. Notably, Jack Dorsey, former CEO of Twitter (now X) and a prominent figure in the cryptocurrency space, voiced optimism, projecting a potential surge for Bitcoin to $1 million by 2030.&nbsp;</p>
 <p class="paragraph">Moreover, optimism is bolstered by expectations of the traditional post-halving rally, which historically has injected bullish momentum into Bitcoin’s price.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of reporting, Bitcoin was exchanging hands at $61,050, registering a marginal correction of less than 0.1% over the past 24 hours. However, Bitcoin has experienced a decline of nearly 4% every week.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp" alt class="wp-image-175359" srcset="https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp 675w, https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">As Bitcoin navigates through a period of consolidation amidst bearish conditions, investors should also monitor developments in Federal Reserve monetary policies, as they are poised to exert <a rel="noopener noreferrer nofollow" title="significant" href="https://thebittimes.com/tag/significant.html">significant</a> influence on risk assets, including cryptocurrencies.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/more-bitcoin-bleeding-ahead-btc-faces-significant-rejection-as-bears-take-control-tbt88085.html">https://thebittimes.com/more-bitcoin-bleeding-ahead-btc-faces-significant-rejection-as-bears-take-control-tbt88085.html</a></p>

More Bitcoin bleeding ahead; BTC faces significant rejection as bears take control

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