Traders will be closely watching how Bitcoin’s weekly chart closes on May 12 to look for signs of the end of the downtrend.
Bitcoin (BTC) traders are pointing to a “bullish candle hammer” that has emerged on Bitcoin’s weekly price chart — which they say could signal a possible reversal of the past month’s downtrend.
“Bitcoin still looks like it is about to BLOW higher,” market intelligence firm Glassnode founders Jan Happel and Yana Allemann wrote on their shared X account “Negentropic” in a post on May 9.
They noted that the Bitcoin price chart closed on May 5 with a bullish hammer — the name given when there is a small body above a thin long line, referred to as a “wick.”
