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Bitcoin Loses Technical Integrity as Multiple Bearish Factors Emerge

Cole Petersen
by Cole Petersen
5 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin is now in the process of recapturing the $7,000 region following a continued defense of the support at $6,800
  • Despite its climb, BTC is flashing multiple bearish technical signs that suggest its strength is degrading
  • One analyst targeting a movement into the $5,000 region.

After an extended period of range-bound trading beneath $7,000, Bitcoin is attempting to claw its way back into this region as it tests its newly formed resistance.

In spite of the overt bullishness of this ongoing upswing, it is important to note that the recent downturn did some technical strength to the cryptocurrency, and it does appear that it is poised to see further weakness in the near-term.

This could lead the cryptocurrency as low as the $5,000 region, although the strong support established there will likely be enough to halt the downtrend.

Bitcoin Flashes Bearish Signs on 4-Hour Chart

At the time of writing, Bitcoin is trading up over 2% at its current price of $6,990 – just a hair below the resistance that has been formed at $7,000.

Should the crypto break above this level, $7,200 and $7,500 will both likely prove to be strong resistance levels again.

One popular pseudonymous crypto trader on Twitter recently noted that the benchmark cryptocurrency is still showing some serious signs of weakness, and that he won’t flip bullish until Bitcoin firmly surmounts its resistance $7,440.

“BTC 4h – As much as I like Bitcoin, I have a hard time being bullish at the sight of this chart. After a strong bounce and a series of higher lows and higher highs, we now have a lower low and a lower high paired with a breakdown + retest. Bearish until R1 and R2 are broken,” he noted while pointing to the chart seen below.

Bitcoin BTC
Image Courtesy of Silver Bullet

Here’s How Deep BTC’s “Inevitable” Decline Will Lead It

Other analysts are also expressing bearish mid-term sentiments, with one noting that BTC will “inevitably” see another major decline.

“BTC inevitably going much lower…but short term it’s neutral. Price is consolidating getting ready for its next move (bore everyone then cause fomo or panic as usual). Levels are shown. Not something I would trade personally,” he said.

Image Courtesy of AMD Trades

While looking at the above chart, with exception to the support Bitcoin has around $6,800 and $6,500, the crypto’s next major levels of buying pressure exist in the $5,000 region – meaning a decline towards here could be imminent.

Featured image from Unsplash.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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