Why Are Most Analysts and Traders Expecting a Bearish Week for Bitcoin (BTC)?
- Bitcoin’s consistent lower highs a matter of concern
- We could see a jump above $13,000 but this would lead to a drop below $9,000
Bitcoin entered a new week of July after a boring first week of the month that took us down to $9,600 just in the first two days.
Though we have recovered some, this new week is not expected to be a good one either.
The leading cryptocurrency opened the day around $11,400 after Bitcoin rejecting $11,520 level. This, analyst DonAlt says, is “right on schedule.” After rejecting $14,000 on June 26th, BTC now successfully retested $11,500.
“Since the last major impulse move was down, resistance is more likely to hold than not to,” DonAlt said.
He will be looking for shorts this week. Market trader and analyst, Benjamin Blunts is also looking for a drop. He says the maximum pain for bears and bulls would be Bitcoin’s breakout into a double top.
“The chop is real here,” said Blunts who and expects BTC to follow ETH.
Per the XBT/USD chart shared by him, the nebulas arrow drawn by Blunts points out that we will make a move above $13,000 only to drop down below $9,000.
Bitcoin’s Constant Lower Highs a Matter of Concern
At the time of writing, BTC/USD is trading at $11,850 with 24 hours gains of 5.18 percent. However, in the near term, analysts and traders are alike bearish on Bitcoin as crypto trader Moon Overlord shows concern about the leading cryptocurrency making consistent lower highs in the market structure.
If Bitcoin has to take another swing at the yearly highs or even an all-time high (ATH), he says, it needs to start making a “turn up as soon as possible.”
Joining the bearish sentiments is investor and trader Josh Rager who notes how Bitcoin closed below the resistance. But at the same time, the flagship cryptocurrency tapped the “tippy top” of the support near $9,614 level.
Given the lower-highs on the 4hr Bitcoin price chart, Rager also leans bearish as we start the week. But again it would be a good buy the dip opportunity.
Bitcoin’s price is $47,846.47 BTC/USD exchange rate today. The real-time BTC market cap of $892.14 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $12.58 Billion and live coin value change of BTC 0.06 in the last 24 hours.