Real Madrid welcomed Valencia to the Bernabeu on Saturday needing all three points to realistically remain in the La Liga title race.
Valencia were two goals ahead after 26 minutes, however, with Paco Alcacer and Javi Fuego both on the scoresheet.
Cristiano Ronaldo had the chance to make it 2-1 from the penalty spot late in the first period, but the Portuguese was denied by Diego Alves.
Real Madrid did find the back of the net in the 56th minute when Pepe headed home from close range. Isco made it 2-2 in the latter stages, but Los Blancos could not find a winner.
As it stands, they are four points behind leaders Barcelona with just two games remaining.
Read how it all unfolded in Sports Mole's minute-by-minute live commentary of the action below.
Evening all! Sports Mole's live La Liga coverage continues from the Bernabeu as Real Madrid welcome Valencia. The hosts have once again dropped five points behind Barcelona, but that gap would again become two with victory here. Valencia, however, have only lost one of their last 14 in the league.
As it stands, this round of La Liga fixtures are the only confirmed matches in Spain's top flight before the end of the season. All Spanish football competitions will be suspended on May 16 amid a strike that relates to TV rights. The Spanish Football Federation are in a disagreement with the government, but there is hope that the situation will be rectified over the next week. It is an incredible situation.
Real Madrid, who remain second, have taken 85 points from their 35 league games this season and have indeed won all seven in the league since losing to Barcelona at the end of March. Last time out, they became the first team to win at Sevilla in the league since February 2014, but they were beaten 2-1 at Juventus in the first leg of their Champions League semi-final on Tuesday evening.
Valencia, meanwhile, have taken 72 points from their 35 games, which is 23 more than they managed in the whole of last season. As a result, Los Che are fourth in the table – four points behind third-place Atletico Madrid and three clear of fifth-place Sevilla. Last time out, they beat Eibar 3-1, but the former Spanish champions have dropped points in 11 of their 17 away league games this season.
Valencia were 2-1 winners in the reverse league game back in January, while each of the last three league meetings between these two sides at the Bernabeu have finished level. Last season, the points were shared in a 2-2 draw and Valencia are yet to taste defeat to a side from Madrid all season – winning five of their seven matches with teams from the capital. Right, time for the team news...
TEAMS:
REAL: Casillas; Arbeloa, Pepe, Ramos, Coentrao; Kroos, Isco, James; Bale, Hernandez, Ronaldo
VALENCIA: Alves; Barragan, Mustafi, Otamendi, Gaya; Fuego, Gomes, Parejo; Piatti, Alcacer, Feghouli
Here we go then. Both sets of players join us on the pitch for the first period. Can Real Madrid stay in the title race? They have to win. It is the home side that get the second half underway here.
As expected, it has been a fast start at the Bernabeu, with both teams forcing the issue. Alcacer tries his luck from outside the box after poor defending from the hosts, but Casillas makes a super save.
Valencia are pressing so high at the moment and it is forcing Real Madrid into a couple of poor mistakes, which is creating tension in the crowd. I have a feeling that this is going to be some game.
It has been an end-to-end start to this match, with both teams committing numbers in the final third. Valencia force another corner down the right, but Ramos wins the header. Incredible pace here!
Arbeloa again drives down the right for the home side before feeding Bale, who delivers a super cross towards Ronaldo, but Otamendi is on hand to head clear. Good grief this has been some start.
Plenty happening in the final third for the home side as Bale combines with Ronaldo, but the latter is forced into a wide area and Valencia manage to clear. Not too many clear chances thus far, but there have been plenty of good moments for both teams. The opening nine minutes have flown past!
Kroos takes a ride on Gomes's back in the middle of the park and suffers on the fall, but it does appear that the German will be fit to continue. Valencia are pressing so, so high at the moment here.
Alcacer breaks through on goal, but lifts his effort well wide of Casillas's post.
Possession football from the home side as they pass and probe in the final third, but Valencia are very good at the back. Bale wins a free kick for Real Madrid just outside the Valencia box...
... CROSSBAR! Bale's free kick smashes off the crossbar! So unlucky!
Well, it has been an excellent opening 16 minutes to this match, but the score is still 0-0. Valencia are committing four, five players forward each time they break, which is leaving space in defence.
BOOKING! Gaya (Valencia) is booked for a late challenge on Isco.
Bale fires over the crossbar from close range, but the whistle had already gone. Some miss! Bale has been very dangerous in the opening 17 minutes, but Ronaldo has been very quiet thus far.
CROSSBAR! Ronaldo now heads against the crossbar from a corner as the woodwork saves Valencia for a second time this evening. How on earth is this game still 0-0!
GOAL! Real Madrid 0-1 Valencia (Alcacer)
Football ay?! Valencia go straight down the other end and take the lead as Alcacer pokes home from close range following a super cross from Gaya. The Bernabeu has fallen absolutely silent here!
I would be astounded if we had seen the last of the goals this evening as both teams continue to commit players in the final third. Valencia again clear from a wide area as Otamendi makes contact.
Kroos fires over the crossbar following another spell of Real Madrid pressure.
Real Madrid are in control of the possession at the moment as they continue to break forward, but Valencia are so dangerous on the counter as Piatti comes close to meeting a raking Parejo pass.
BOOKING! Arbeloa (Real Madrid) is booked for a poor challenge on Gomes.
SUB! Real Madrid make a change as Illarramendi replaces the injured Kroos.
GOAL! Real Madrid 0-2 Valencia (Fuego)
Oh my word! Valencia have scored a second here as Fuego flicks a header into the bottom corner. It was a super delivery from Parejo and Fuego found a route past Casillas. Incredible scenes here!
If Real Madrid were to lose this evening then the gap would be five points with two games remaining. Are Barcelona going to drop points in two games? No is the answer. Real Madrid must win here.
SAVE! Bale strikes a wonderful effort towards the top corner, but Alves flies across his goal to make a quite stunning save. The next goal simply has to come for Real Madrid this evening.
The home supporters are not happy at the moment as another move breaks down in the final third. Real Madrid have the players to turn this game around, but this is a really super Valencia team.
Real Madrid work the ball down the left this time as Illarramendi combines with Coentrao, but Valencia are so well-organised that the home side cannot break through. It remains 2-0 to the visitors.
Valencia are very confident in possession of the ball as they continue to pass and probe in a forward area, while their supporters are in fine voice. Real Madrid really need a goal and very quickly.
POST! Real Madrid again hit the woodwork as Hernandez combines with Bale before dragging his effort against the post. Three times Valencia have been saved by the woodwork!
CLOSE! Illarramendi volleys just wide of the Valencia post as the home side continue to force the issue. In truth, Real Madrid are very unfortunate to be two goals behind at this stage.
The opening 45 minutes have just flown past here and Valencia still have their two-goal lead.
PENALTY REAL MADRID!
Real Madrid have a penalty as Gaya pushes Bale to the ground inside the box.
BOOKING! Hernandez (Real Madrid) is booked for dissent.
SAVE! Ronaldo is denied from the spot by Alves! Incredible!
HALF-TIME: Real Madrid 0-2 Valencia
Just incredible. The referee brings the first period to an end with Valencia leading 2-0 courtesy of goals from Alcacer and Fuego. Ronaldo had the chance to make it 2-1 just moments before the break, but the Portuguese was denied from the penalty spot by Alves. And breath! What a half of football!
STATS! Real Madrid have dominated the possession with 71%, while they have had nine attempts - one of which has been on target. Just one! Valencia, meanwhile, have hit the target with three of their four attempts. There have also been three bookings in a stunning first period here!
BENCH WATCH! Real Madrid have already been forced into one change, with Illarramendi replacing the injured Kroos. Carlo Ancelotti, however, still has options in the shape of Lucas Silva and Jese Rodriguez. Valencia, meanwhile, have the likes of De Paul, Negredo and Perez in reserve here.
Here we go then. Both sets of players join us on the pitch for the second period in Madrid. Can Real Madrid turn it around? Valencia get what is a season-defining second 45 minutes underway.
SUBS! Two changes for Real Madrid at the break, with Marcelo and Carvajal entering the field in place of Arbeloa and Coentrao. That is all three changes made by Carlo Ancelotti.
SAVE! Hernandez has another opportunity for the home side as he breaks into the Valencia box, but Alves is on hand to make another wonderful save. All Real Madrid since the interval.
BOOKING! Pepe (Real Madrid) is booked for a poor challenge on Piatti.
Piatti finally rises to his feet following what was an assault from Pepe!
Half-chance for the away side as Mustafi meets a corner from the right, but his effort flashes high of the crossbar. A third goal for Valencia surely would end this contest, even at this early stage.
Real Madrid continue to force the issue as Hernandez and Ronaldo both come close, but Valencia manage to clear for another corner. The home supporters are staying with their team here.
Ramos heads just wide for Real Madrid as the score remains 2-0 Valencia.
GOAL! Real Madrid 1-2 Valencia (Pepe)
Alves had just produced a wonderful save to keep out Hernandez, but from the resulting corner, Pepe rises high to power his header past Alves, who has no answer this time. Game on in Madrid!
BOOKINGS! Otamendi (Valencia) and Ramos (Real Madrid) are both booked following an altercation in the middle of the park. It is all happening at the Bernabeu here!
Valencia just have not started this second period and they are in real danger of undoing all of their excellent work from the first 45 minutes. Real Madrid continue to press in the final third here.
Hernandez fires high of the crossbar from a wide angle and Valencia remain 2-1 ahead.
Gaya delivers another super cross into the Real Madrid box as Valencia threaten once again, but Alcacer cannot make contact and Real Madrid break straight down the other end. Fascinating here!
Valencia are looking more and more dangerous on the counter attack as Isco loses possession in a dangerous area. The game has just settled following a very quick start to the second period.
Real Madrid have a free kick just outside the box as Mustafi takes out James...
SUB! Valencia make their first change as Negredo replaces Alcacer.
Ronaldo's free kick whistles wide of the post, with Alves in control of the situation.
Real Madrid continue to flood forward, but Valencia are very good at the back and not for the first time, the move breaks down. Little under 20 minutes of football remaining at the Bernabeu.
BOOKING! Gomes (Valencia) is booked for a late challenge on Marcelo.
SAVE! Ramos meets a super free kick from James, but somehow Alves makes a point-blank save. It is quite stunning goalkeeping from the Brazilian and not for the first time!
Stop in play as Alves receives treatment. Water break for both teams!
You just get the feeling that a second is coming for the home side as they continue to force the issue. One goal is not good enough, however. They really need to take all three points from this game.
SUB! Valencia make their second change as Gomes is replaced by De Paul.
Hernandez mis-controls a high ball and Valencia have a throw deep in the Real Madrid half. Time is just starting to run away from the home side, but the supporters are still very much on side here.
Decent spell of pressure from Valencia in the last couple of moments, but Piatti fires high of the crossbar to keep the score at 2-1. You just get the feeling that there are more goals in this one.
CHANCE! Stunning chance for Valencia to score a third as De Paul sets up Negredo inside the box, but the Spaniard fires over the crossbar! Down the other end, Alves denies Carvajal.
CHANCE! Another chance for Negredo after the striker meets a cross from Parejo, but once again his effort misses the target. What a 60 seconds for the Spanish international!
Alves again denies Hernandez, who had spun and fired towards the bottom corner.
GOAL! Real Madrid 2-2 Valencia (Isco)
Stunner! Stunner! Isco picks up possession outside the box before firing one into the top corner. Absolute worldie from the midfielder and Real Madrid have five minutes to find a third here!
Parejo fires over the crossbar down the other end as this game flows from end-to-end.
BOOKING! Barragan (Valencia) is booked for fouling Ronaldo outside the box.
Ronaldo's free kick is just deflected wide of the post! Corner is whipped in by James, but Valencia manage to clear the danger. Good grief the tension inside this stadium is overpowering!
Valencia have the chance to threaten from a corner, but Real Madrid defend their box before breaking forward. You just get the feeling that there is some late drama to come at the Bernabeu.
SUB! Valencia make their third change as Orban replaces Piatti.
Pepe heads just wide of the post from a corner as we wait for stoppage time.
FIVE MINUTES ADDED! FIVE!
BOOKING! Parejo (Valencia) is booked for a poor challenge on James.
Hernandez fires straight at Alves as Real Madrid continue to force the issue.
James and Carvajal both have attempts blocked as Valencia clear their lines...
... Valencia counter with Negredo, who finds De Paul, but his effort is straight at Casillas.
The Bernabeu is almost silent as we approach the final seconds. Real Madrid need a goal!
Bale has a header deflected behind...
... Marcelo has an attempt blocked. Not long left!
Free kick Real Madrid in a wide area...
... the referee blows his whistle for a Valencia free kick!
FULL-TIME: Real Madrid 2-2 Valencia
Game over! Real Madrid drop two points. As it stands, Barcelona are four points ahead of Los Blancos with just two games remaining. Is that the title race over? It certainly seems that way. Thanks for joining Sports Mole for the action. Much more to come from us - good evening!
