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This bearish technical pattern hints at a double-digit drop in Bitcoin price

Published May 25, 2023 04:36PM ET Updated May 26, 2023 06:40PM ET
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A bearish technical formation has driven down the total crypto market capitalization over the past seven weeks. Bitcoin’s (BTC) 2% decline — and a 1.7% and 2.5% decline from BNB (BNB) and XRP (XRP), respectively — were the main drivers of the most recent 1.3% correction between May 18 and May 25.

Total crypto market cap in dollars, 12-hour. Source: TradingView

The descending wedge formation initiated in April indicates a possible breakout near $1 trillion by late July. For bulls, the bearish structure that drove the total capitalization to $1.11 trillion on May 25 means that an eventual break to the upside would require extra effort.

Perpetual futures accumulated 7-day funding rate on May 25. Source: CoinGlass
BTC options volume put-to-call ratio. Source: Laevitas

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This bearish technical pattern hints at a double-digit drop in Bitcoin price
 

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