Bitcoin bears likely to gain control according to this price pattern
A 24 May CryptoQuant analysis highlighted a good reason why Bitcoin will likely experience a breakdown from the current level. According to the analysis, the cryptocurrency is currently forming a bearish pennant pattern which is usually associated with downside.The assessment also suggested that the derivatives market was already moving in a manner suggesting bearish expectations. The ratio of shorts versus longs in the last 24 hours showed that 51.75% of traders went short while 48.
This confirmed the surge in bearish expectations. Traders should note that the rate of flows has slowed down since then, but Bitcoin exchange inflows are still dominant over the outflows.These findings indicate that more traders are adopting bearish expectations which may consequently trigger such an outcome. While the current bearish pennant price pattern suggests a high probability of such an outcome, it might not necessarily be the case.
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