Bitcoin (CRYPTO: BTC) has dropped roughly $10,000 in recent weeks, falling from around $83,000 to near $73,000 after rejecting almost exactly at its 200-day moving ave

Bitcoin is on track to end May in the red, a historically bearish signal that could point to deeper capitulation if past post-May performances are any guide.

Bitcoin price needs to hold above $70,000 to avoid another downtrend leg toward yearly lows.