It Seems Like Bulls Are Tired Of Holding Bitcoin Above $9,000
Once again, Bitcoin is as close to the critical border of $9,000. This market behavior of Bitcoin has led cryptanalysts to think about whether everyone has misled the crypto asset, and the bullish technical pattern is weak. Is Bitcoin price drop already close?
Was the upward pattern a fiction?
Over the past two months, Bitcoin has steadily held in the price range from $9,000 to $10,000. During this period, Bitcoin experienced several minor price deviations down. But even falling to a level of $8,800 was short-lived and buyers were able to push the price of Bitcoin to a level above $9,000. Thanks to this, cryptanalysts concluded that Bitcoin is technically strong, and is preparing for a significant breakthrough.
On July 2, the price of Bitcoin fell by 3% to a critical figure of $9,020. A breakdown in the price of Bitcoin below a key support level of $9,300 showed that the market condition of the flagship cryptocurrency is not as unambiguous and stable as it seemed earlier.
The next approach of the Bitcoin price to the border of $9,000 suggests that buyers are losing control and can no longer push the price of Bitcoin up. The bears are likely consolidating to strike Bitcoin and lower the price of Bitcoin below the support level of $8,800. Thus, bears can destroy the technical pattern of Bitcoin, which was formed by buyers in May and June.
Bitcoin analyst commented on current market behavior:
“Every day, bulls lose their strength and interest in Bitcoin. The bears may be already around the corner. We could talk about an uptrend if Bitcoin approached the level of 9,700-9,800 dollars. Now, this is not possible. ”
Bears are preparing to break through the border of $9,000
Bears came close to the level of $9,000, and in the coming days, we will likely see a decrease in the price of Bitcoin. It is only a matter of time, according to cryptanalysts. Analyzing the market behavior of Bitcoin, traders agree that over the past two months, the crypto asset has been in the process of forming the inverse pattern of the head and shoulders. This assumption is completely contrary to the popular belief that Bitcoin was building strength for a jerk.
If this technical model implemented, Bitcoin expects a deep decline that could determine the future of the flagship cryptocurrency.
“Bitcoin is one step away from falling below $9,000. Hopes for a price breakthrough evaporated in the air. ”
Thus, it is likely that bears can take advantage of the weakness of bullish impulses and put powerful pressure on the price of Bitcoin.