Bitcoin Remains Bullish In The Mid/Long Term, But What’s The Short-term Stance Of BTC Bears And Bulls?
- BTC price trading in the red, altcoins drop even harder
- Decreasing volume setting up more volatility
- Historical data doesn’t paint a bullish picture
Bitcoin has taken a further drop to $11,300, down by 3.32 percent in the past 24 hours. The leading cryptocurrency is currently not showing any signs of recovering after falling from $13,000, earlier this week.
An upward movement might not be in the picture yet, but another dip seems to be on the way.
Per Bitcoin’s 15 minutes chart, the leading cryptocurrency is struggling to break above $11,760, with the decreasing volume setting up more volatility, explain crypto trader and investor Josh Rager.
Any move and close below $11,138, Rager says would be bearish.
In order to become bullish, he wants the price above $12,500 level.
This lack of movement in BTC price should have turned out good for altcoins but not really. Yesterday, altcoin did see greens while BTC was in the red but today they are back in the losses. Among the top 30 cryptocurrencies, there are only a few exceptions like Chainlink (up 6.67%) and Egretia (8.31%) while the majority are in the red by as much as 12%.
Bitcoin’s drop cause a bigger fall in altcoins price, Source: https://coin360.com/
What Does Historical Data Say About Bitcoin Performance?
If we take a look at the historical performance of BTC price in the month of July, we either saw moderate gains or went in negative except for two occasions, one in the bull market of 2012 and then the bear market of 2018.
Currently, we are about halfway in July and are at about the same level where we started.
The next two months doesn’t look good either. As reported previously, 3Q has been lackluster in comparison to 2Q and 4Q.
BTC price performance over the years, Source:
Short Stance Of Bitcoin Bears And Bulls
For now, Bitcoin remains bullish in the mid and long term, no doubt.
The short term bullish level, however, as shared by economist and trader Alex Kruger is above $11,500/$11,600, while below $11,300, it will turn bearish. If the price moves below $11,300, $10,000-$9,650 will be the first larger target area while 50 DMA stands at $9,760.
The key level for bears to defend is $12,300 while resistance levels are present at $11,800, $12,000, $12,300, and $12,500.
According to analyst Bob Loukas, the bull case for the world’s first cryptocurrency’s intermediate-term trend is continuing higher.
“Although up 300% is a crazy move, I see no reason to be in the business of predicting tops just yet. Certainly no blow-off like move on the chart and consolidating well within the tightening bands,”
Per the BTC chart shared by him, the level to watch out for a downtrend is around $10,400. However, he sees Bitcoin bouncing off just above this level to reach for $16,000.