Analysts warn of potential bearish turn for BTC in May

While Bitcoin rebounded with an approximately 11% gain in April, analysts are now suggesting a potential bearish turn in May. According to BeInCrypto, on-chain analytics firm Glassnode noted that BTC is facing increased downward pressure after hitting key resistance levels. One such level is the True Market Mean, an indicator of the average investor cost basis. Another concern cited by analysts is a historical pattern in U.S. midterm election years, where Bitcoin has repeatedly peaked in May before experiencing a significant decline.