Bitcoin after rallying ~12.5x from its low on the Black Thursday (March 12, 2021), was showing signs of exhaustion.
Although Bitcoin surpassed the level of 60k, since February, it had started forming strong Bearish candles giving us the first indication of the move getting exhausted.
In April, while Bitcoin hit its All- Time High of ~64.8K, the weekly candle closed in red followed by a bearish candle which closed below the level of 50K.
Until this time, there was a clear indication of Head and Shoulders Pattern in formation. With the news of Tesla halting the acceptance of BTC, the Right Shoulder broke the baseline of the pattern and closed below it.
The news of the ban in China added fuel to the fire and recorded it in BTC history as the day with the biggest fall in terms of points.
The support for the BTC is present at 38.9K, 34K followed by the major support at 30K.