A market analyst and trader expresses bearish sentiment on Bitcoin (BTC) amid a correction that has seen the top crypto asset fall by around 10% in a week.
The analyst, pseudonymously known as DonAlt tells According to 61,800 subscribers of the TechnicalRoundup YouTube channel, Bitcoin appears bearish after recording a series of lower highs and lower lows on the weekly time frame since hitting its all-time high of around $73,800 in March.
“The weekly time frame is currently bearish. And it will remain bearish unless we recover $60,000…
I think $60,000 is the line in the sand now.”
The analyst says that while Bitcoin is “not looking too good right now,” the fact that the support level is around $52,000 after this week’s dip is somewhat of a positive sign.
“In my opinion, we have received support this time. It’s not the best – the really good support is down here [at below $44,000]. But we were lucky. We had a huge huge washout that, in my opinion, we didn’t really get much of during the last dip [in early July]which is bullish, right?”
On whether the $52,000 support level is likely to hold going forward, DonAlt says:
“If we start straight up, we’ll go down [below $52,000] in the coming days… i would be surprised. We can easily retest the lows, but I think there’s a good chance we’ll be trading around $50,000. Unless something catastrophic happens in macro land.”
Bitcoin is trading at $57,526 at the time of writing.
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Generated image: Midjourney