Bitcoin shows bearish signals with a double-top pattern and low trading volume confirming resistance.
Average trader profits hit 27%, raising concerns of market overheating if gains push past 40%.
Bitcoin seems to be showing signs of fatigue after setting a new record high (ATH) on May 23. Shortly after creating the ATH, the daily chart immediately recorded a full red candle, a sign that often appears as a signal of strong rejection from the market. In this context, the emergence of a double-top technical pattern also strengthens the suspicion that Bitcoin is at an important crossroads.
A few days later, a Doji candle appeared on May 27. Not just any Doji, this pattern forms a lower high, which in the world of candlesticks is usually considered a confirmation of previous selling pressure. And right on May 28, Bitcoin resumed its downtrend with another red candle that emphasized the strength of sellers in the short term.
Trading volume? Very low. Almost as if people have started to
