The Bears May Be Back In The Bitcoin Market – Analysts

  • Bitcoin has been dropping within a stabilization phase during the past few days and weeks, with buyers and sellers entering a cul-de-sac as it trades around $13,800
  • The remainder of the cryptocurrency market has been waning throughout the past few days, with the DeFi sector being beaten strong
  • This weekend has demonstrated to be amazingly decisive for Bitcoin, but one analyst is careful regarding its longevity
  • He points to 4 critical factors that show some downside could be expected for the benchmark cryptocurrency in the days ahead

Bitcoin has been engulfing the oxygen out of the crypto market over the past few weeks, rallying while the majority of altcoins post constant losses.

This increasing trend has enabled the crypto to drive toward its $13,800 resistance level, sustained firm during the past few days and weeks.

One analyst is now perceiving that a few signs designate a downside could be expected for the benchmark cryptocurrency.

He concludes that various failed attempts to breach above its resistance, weakness in the stock market, and the US Dollar falling to a critical support level can cause possible fire a Bitcoin selloff this week.

Bitcoin Struggles to Break $13,800 Despite Strong Monthly Close.

At the time of this article, Bitcoin is trading up marginally at its current price of $13,820. This is around the price at which it has been trading throughout the past few days.

It has yet to post any sustainable breaks above this level, and a failure to move above here in the days ahead could be a grim sign.

Earlier this week, the crypto was able to surge as high as $14,100. It was still swiftly declined at this price level and dipped down to where it is at present trading.

Analyst: These Circumstances Recommend Downside Could Be Expected for BTC 

While giving his thoughts on Bitcoin, one analyst explained that he follows 4 distinct factors showing this could be a cursed week for BTC.

Image Courtesy of Mayne. Source: BTCUSD on TradingView.

Assume the crypto notices a substantial decline in the week ahead. In that case, it could create a headwind that causes altcoins to nosedive as well.

The coming few days should provide insights into Bitcoin’s price action’s macro significance over the past few days.

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