Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?
This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells trouble for the weeks and months ahead.
Bitcoin Climbs Above $9,500 as Bulls Attempt to Push BTC Higher
At the time of writing, Bitcoin is trading up over 1% at its current price of $9,550, which is up slightly from its daily lows of roughly $9,350 and is down significantly from its recent highs of $10,200.
Bitcoin’s bearish price action as of late was first sparked by its parabolic ascent towards $11,000 that occurred last weekend.
Over the past several weeks, Bitcoin has been setting lower highs on a fairly consistent basis, a trend that first began in late-June when the crypto finished its parabolic rise with a sharp movement towards $13,800, which remains the 2019 high.
Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s near-term price action in a recent tweet, noting that it is currently within a tight range that will likely elucidate which direction it will head next.
“$BTC This is the only trade I’m interested in today. If #bitcoin pumps to the green line I’ll short it. If it breaks lower support I’ll patiently wait for a scalp long around $9K, either way I expect to be in and out rather quickly, this is not the environment to hold trades open,” he explained.
$BTC This is the only trade I’m interested in today. If #bitcoin pumps to the green line I’ll short it. If it breaks lower support I’ll patiently wait for a scalp long around $9K, either way I expect to be in and out rather quickly, this is not the environment to hold trades open pic.twitter.com/T2sG36TRcC
Will Bulls Bolster BTC as It Closes Its Weekly Candle?
Currently, there are only a handful of hours left until BTC closes its weekly candle, which in its current state looks incredibly weak.
Chonis also spoke about this candle in a Tweet, explaining that a failure to bolster the weekly candle could lead to significantly further losses in the near-term.
As the day wraps up it is highly likely that analysts and investors alike will soon understand whether or not the crypto markets are going to climb higher, or if a drop towards the sub-$9k region is imminent.
Featured image from Shutterstock.