Bitcoin’s price began recovering on 30 April after buyers defended the broader $75,000-support region thanks to improving short-term sentiment. Momentum strengthened further in early May as BTC climbed towards $82,000 on the back of rising speculative participation.

However, repeated rejections near $81,000 and $82,000 gradually weakened bullish continuation once profit-taking pressure intensified across the broader market.

That weakness accelerated between 12 and 16 May as large red candles pushed Bitcoin back below the key $80,000-support at press time.

As expected, altcoins also declined sharply alongside Bitcoin as broader risk appetite weakened beneath rising…