Despite Bitcoin’s latest surge which was undoubtedly among the most impressive ones in years, a lot of people continue to be fairly bearish in the short-term. Bitcoin gained around $3,000 in less than 24 hours last Friday but the following pullback seems to have raised doubts in the community.
Bitcoin Stalling Around $9,100
Last week brought serious attention to the cryptocurrency market because of the price movements going in each direction. On Friday Bitcoin and the other cryptocurrency skyrocketed. The largest cryptocurrency marked a 42% increase, the biggest one since 2011.
However, since then, the price retraced and it settled around $9,100 and $9,200 with minimum shifts. Furthermore, Bitcoin has been marking lower highs in the past few days, trading within this rather close range. This was recently brought up by popular Bitcoin proponent Alex Saunders, who also asked whether or not people are bearish or bullish in the current market conditions.
Where is Bitcoin Headed?
With a few exceptions, Bitcoin’s price remains calm over the last few days but the majority of people in the crypto community believe that the bears may take control. For starters, a recent Twitter poll shows interesting numbers regarding the upcoming movements.
While people can express their votes for another 20 hours, at the time of this writing, 1243 out of all 2108 voters think that the bears are stronger at the moment.
Ever since the monthly peak of $10,350, Bitcoin has been showing lower highs on the 4-hour chart. The support stays at the $9,000 level, which is also where the significant 200-day moving average line lies. This might be the most notable support level and if broken, the price could be heading down to $8,500. On the other hand, if the current action is bullish, $9,400 and then $9,750 is where we could expect notable resistance.
While most of the community may believe that red would be the predominant color, Bitcoin’s price has more than once done the exact opposite of what the majority predicts.
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Source: Crypto Potato