Optimism's (CRYPTO:OP) price struggles below its mid-April uptrend line, lacking support from both the broader market and Bitcoin.

The altcoin exhibits a negative correlation with Bitcoin, hindering its recovery even as Bitcoin (CRYPTO:BTC) rallies.

Bearish signals intensify as the Moving Average Convergence Divergence (MACD) indicator suggests further decline, potentially pushing OP below $2.0.

Failure to establish a golden cross and the inability to surpass key support levels at $2.33 and $2.11 reinforce the bearish sentiment.

However, a bounce-back could see OP reclaiming $2.50 as support and targeting $2.82, negating the bearish scenario.