Bitcoin recorded weekly losses for three straight weeks for the first time since May, heightening caution about the possibility of a further correction.

The Crypto Basic, a blockchain media outlet, reported on Oct. 26 that bitcoin has recently shown a pattern similar to this year’s consecutive decline stretch in May.

Bitcoin fell from an opening price of $86,490 to a close of $83,679 in its first down week from Oct. 5 to Oct. 11. It then slid to $82,002 from Oct. 12 to Oct. 18. In the third consecutive down week from Oct. 19 to Oct. 25, it closed at $80,048. That produced three straight weekly red candles.

The market is focusing on the pattern because declines deepened after the same sequence appeared in May. At the time, bitcoin gave back most of its early second-quarter gains, and selling continued even after three straight weekly losses. In the fourth week, it opened at $73,568 and closed at $63,316, falling 13.93 percent over the week.

Crypto trader That Martini Guy noted bitcoin was close to a third straight weekly red candle, and mentioned that the same sequence in May led to a full retracement of the early second-quarter rally. The fact that the current decline period is showing a similar starting point to the past is fueling market unease.

A similar pattern does not mean it will follow the same path this time. After the new trading week began, bitcoin edged up from the weekly open of $80,048 to $80,396. The rebound is not large, but the immediate focus is whether it can hold the $80,000 level.

Caution is also persisting around technical levels. Analyst CryptoLynas said bitcoin last week swept a key liquidity zone around $84,900 before being pushed sharply down to $79,100. It then moved sideways over the weekend, which he said matched the price action he had expected.

CryptoLynas presented $80,700 as a key price level. He cited that bitcoin had formed daily closes above that level for 37 straight days. He said downside pressure could increase further if selling pressure persists without recovering that level on a closing basis.

In that case, the next level to watch is $75,000. He said this was not a confirmed price target but a conditional scenario based on a failure to regain $80,700. The market is therefore watching whether bitcoin can keep posting daily closes above the $80,700 level this week.

Bitcoin is about to record three consecutive red weekly candles. This will be the first time this has occurred since May. Interestingly, this was when Bitcoin witnessed a full retracement of its early-Q2 rally. Back then, Bitcoin also recorded a 4th red candle, which was the biggest loss of them all.