Bitcoin threatening to break down after 6-day consolidation
Bitcoin is starting to move after six days of consolidation. The cryptocurrency's last leg down began on 5 May and ended a week later on 12 May, just above $25k. Since then, bitcoin has been up to but has battled to overcome $30k. As a result, the cryptocurrency is now breaking down from its consolidation.
The right side is a close up of the daily price action on the left. The candle for 20 May is a reference candle, i.e. it has a lower high to either side of it. Today's price action is testing the reference candle's low. If bitcoin closes below $28,676 today, it will be lower than the reference low. This price action will be a bearish development - it may be the beginning of the next leg lower.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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