Is Bitcoin Turning Bearish?
For the past few days, Bitcoin is enjoying a ride that has us climbing to $12,325. However, we couldn’t manage to stand firm above $12,000 and soon took a drop to about $11,500 level. The lowest level we reached yesterday was around $11,200.
At the time of writing, BTC/USD was trading at $11,530 with 24 hours loss of 5.34% while managing the daily trading volume of $1.9 billion.
A drop in BTC price has the altcoins falling even harder. The top cryptocurrencies are down by 2 to 8 percent as has the total market at $307 billion.
If Bitcoin Holds Support At $11k, $8k Won’t Be Coming
The price might have taken a drop, but Bitcoin is still bullish as trader Scott Melker observes a hidden bullish divergence on the 4 hour chart getting confirmed.
Currently, we are sitting at weekly support at a higher time frame and as long as price holds $11,000, crypto trader and investor Josh Rager doesn’t think BTC would be visiting $9,000 again or lower, for that matter.
According to him, it is “far riskier being bearish at this point in time.”
Rager points how currently the popular opinion is that $12,325 level, hit yesterday, is another lower-high local top that will be followed by another 33% pullback.
But in his opinion, $8k won’t be happening because investors had two chances to ‘buy the dip’ when BTC went through a 30% retrace. That, he asserts has been a “rare back-to-back opportunity in a macro bull trend.”
Though Rager doesn’t rule out $8,000, if price holds support at $11k, Rager says “that is where the buy/long is at now.”