Bitcoin experienced a significant drop of over 4.5% on May 19, signaling a bearish trend and raising concerns about a potential break below $100,000. Analysts emphasize the importance of the $97,000–$98,500 support range for the bulls to maintain. There are indications of an inverse head-and-shoulders pattern suggesting a retest of $91,000 before any bullish momentum resumes. The drop in Bitcoin's price, along with negative movements in the broader market, was influenced by Moody's downgrade of the US government due to fiscal concerns. Technical indicators point to a possible breakdown below the crucial $100,000 support level. Traders are advised to exercise caution, as the price action displayed signs of weakness before the sell-off. The rejection at the $104,000–$106,000 resistance range led to a retreat towards the $101,500–$102,500 support zone. A potential short-term target lies at $97,000–$98,500 if the current support level fails to hold.
