Is This the Time to Be Bearish on Bitcoin?

The bears began to strengthen their presence no sooner than the crypto markets recorded yearly highs above $2.73 trillion. This has caused a steep drop in the Bitcoin price, which was about to mark new highs at $75,000 in the coming weekend. This has been flashing bearish signals for crypto as the market participants appear to have become bearish on Bitcoin. 

The BTC price has been facing extreme selling pressure ever since it reached its highs. Now that the bulls have failed to defend the support at $70,000, an extended pullback may be fast approaching. Therefore, a popular analyst, Michael van de Poppe, predicts the price may witness a rise in volatility and get lower in the coming days. 

The BTC price has been ranging high for quite a while now but the volume has remained restricted in recent times. Moreover, a clear bearish divergence has been witnessed in the lower time frame, which was supported by a bearish rejection at $70,500. Therefore, the analyst believes that the Bitcoin price could be consolidating and getting into lower volatility in the upcoming days but may certainly sustain above $60,000.

While this may validate the bearish scenario for Bitcoin, on the other hand, it also appears like the price is taking a breather before its next move. The current trade set-up indicates a lot of accumulation on BTC at the moment but still, the crypto continues to hover within a bullish pennant, which is based on previous data. Therefore, regardless of the current market sentiments, the Bitcoin price continues to remain within the bullish range, intending to reach $80,000 during the next bullish move. 

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