Following Bitcoin’s recent rejection at $7,300, the benchmark cryptocurrency has once again established another bout of sideways trading within the upper-$6,000 region, with bulls and bears reaching an impasse as its near-term trend grows increasingly unclear.
Analysts are now noting, however, that from a macro perspective Bitcoin remains firmly bearish as long as it is trading beneath its yearly open at $7,200, with a failure to post a decisive climb above this level being a grim sign.
This comes as one prominent trader notes that he believes BTC’s current technical weakness will lead it to see a significant decline towards $5,000 in the days and weeks ahead.
Bitcoin Stabilizes Following Recent Rejection, But Analysts Believe a Notable Decline is Imminent
At the time of writing, Bitcoin is trading down marginally at its current price of $6,740, which marks a slight decline from recent highs of $7,300 that were set at the peak of the crypto’s recent rally.
The swift rejection at these highs certainly did some technical damage to the cryptocurrency, but bulls have been able to guard against it seeing any further downside throughout the past several days and weeks.
In spite of it finding support around its current price levels, the crypto has still failed on multiple occasions throughout the past few weeks to surmount its resistance at $7,000, which seems to be an overtly bearish sign.
This has led Nik Patel – a prominent cryptocurrency analyst and trader – to explain that he believes a sharp decline is imminent, potentially leading the crypto to as low as $5,680 in the days ahead.
“Close this Weekly below 7000 and I’d expect to see 5680,” he said while referencing the lower boundary of a wide trading range seen in the below chart.
Close this Weekly below 7000 and I'd expect to see 5680.$BTC pic.twitter.com/17fGXQm35p
— Nik Patel (@cointradernik) April 4, 2020
Top Trader: BTC Remains Highly Bearish Beneath This One Key Level
Patel isn’t the only prominent trader who is currently bearish on Bitcoin, as TraderXO also explained in a recent tweet that he is net short on BTC as it struggles to recapture its yearly open at roughly $7,200.
“BTC – Various charts Top down. Bullish = reclaim the yearly open. Bearish = losing the 200 weekly MA and Daily range lows. $5800 is a huge level for many reasons stated in the charts. Current status = positioned net short,” he noted.
$BTC – Various charts Top down
Bullish = reclaim the yearly open
Bearish = losing the 200 weekly MA and Daily range lows
$5800 is a huge level for many reasons stated in the charts
Current status = positioned net short pic.twitter.com/36HtOlKhcQ
— TraderXO (@TraderX0X0) April 4, 2020
If BTC continues struggling to break above where it started the year, its subsequent decline could cause even further damage to its mid-term market structure, potentially opening the gates for an intense selloff.
Featured image from Shutterstock. origin »
So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.
After a 10-day dip, Bitcoin has surged past $70,000. The renewed vigor in BTC's price action signals a resurgence of momentum as the market continues to climb. Can the bulls sustain this momentum and propel Bitcoin into a new phase of price discovery?
In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.
Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50. 0% retracement of $34,280.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
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Bitcoin’s position within the lower-$7,000 region has been ardently defended by the cryptocurrency’s bulls over the past several hours and days, with the crypto’s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.
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After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.
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