Bitcoin set to plunge down the price charts once more as bears target $25.2k

Bitcoin bulls late to the party paid the price in recent weeks. The Bitcoin rejection broke the market structure on the H12 timeframe on 19 April, and more downside was expected.

after BTC’s move above $25.2k. The subsequent rally caught many late bulls offside and the report highlighted that SOPR fell below 1 to indicate many addresses were selling their Bitcoin at a loss.Source: BTC/USDT on TradingView

Bitcoin bulls late to the party have already paid the price in recent weeks. The Bitcoin rejection broke the market structure on the H12 timeframe on 19 April.This was a region of significance for traders as it represented an H12 bullish order block from 28 March. Yet, the bulls failed to defend this zone and the bullish OB was flipped to a bearish breaker.

The Awesome Oscillator moved below the zero line and registered red bars on its histogram to indicate strong bearish momentum.The Directional Movement Index also showed a strong downtrend in progress, with the -DI and ADX both above the 20 mark. To the south, the next levels to watch out for are $25.2k and $22.5k. There was a bullish order block beneath $25.2k in the $24k-$25k area that could act as a demand zone.Additionally, on 8 May and 11 May, the Open Interest rose significantly while the prices fell lower. This indicated futures traders shorted BTC en masse and was a sign of extreme bearish sentiment on the lower timeframes.

On both these days, BTC dived by close to 2.5% and gave sellers enormous confidence. Further losses can occur in light of the lower timeframe sentiment and the higher timeframe bearish structure.

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