Bitcoin Shows Signs of Bearish Sentiment : Here’s What Next For BTC Price – NewsTo
Bitcoin Shows Signs of Bearish Sentiment : Here’s What Next For BTC Price

Bitcoin Shows Signs of Bearish Sentiment : Here’s What Next For BTC Price

In a recent market analysis, highly respected crypto trader Tone Vays cautions that Bitcoin (BTC) remains in a bearish position, despite its rebound last week. Vays, known for his expertise in the cryptocurrency realm, believes that Bitcoin’s recent surge is insufficient to ignite a sustained upward trend for digital assets.

Examining the daily chart, Vays points out in his recent YouTube video that Bitcoin’s encounter with a crucial moving average as resistance signals a bearish outlook. Although the rally appears encouraging, Vays emphasizes that it does not translate into a bullish long-term chart.

“Yes, it’s a nice rally, but this nice rally is not amounting to a bullish-looking weekly chart. It is just not very bullish looking… The price still looks in a bearish posture even with this rally,” he asserts.

According to Vays, Bitcoin must break many resistance levels to start a fresh uptrend. “Bitcoin really needs to get above $27,000 to take the bullish case seriously,” he says. To consider the Bitcoin bull market as a serious possibility, it may have to break the prior swing high above $28,000.

The importance of reclaiming support is also highlighted by Vays. He states that Bitcoin’s price rebound may be short-lived unless it reclaims $27,000. Technically, the recent rise, which found support at $25,000, is weak.

“It’s a nice rally, but from a technical analysis perspective other than bouncing off of support at $25,000,” says Vays. “We need to climb above $27,000 to exhibit positive indicators.”

As of the time of writing, Bitcoin is trading at $26,411, representing a 0.42% decline in the past 24 hours. Despite the recent setback, Vays’ cautious outlook suggests that Bitcoin’s potential for a sustained bull market is contingent upon overcoming the key resistance levels mentioned.

In conclusion, Vays remains negative on Bitcoin despite its recent surge. He believes Bitcoin must break the $27,000 and possibly $28,000 barrier levels to be considered bullish. The market awaits further developments to determine Bitcoin’s future direction.

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