Analyst Says BTC Not Bullish Until $7,800 Mark Is Reclaimed
By Tyler Smith – Crypto Investor
From the beginning of December, Bitcoin has experienced a roller coaster of ups and downs, but mostly the latter as more users looked to sell Bitcoin, as reported on Ethereum World News. The bulls couldn’t even step in to prevent it. It came to a point where the crypto giant met resistance as low as $6400.
This greatly worried analysts, so much so that they thought Bitcoin’s price was going to drop to the $5000 range. Just when hope seemed rather slim, the bulls strongly marched in with a recovery rally that allowed Bitcoin to punch up to $7600 today.
At the time of writing, Bitcoin is trading between $7300 –7400, which means that the digital asset has experienced a 15% surge since its December low. Despite the sentiment to buy Bitcoin and the bullish reversal, a top analyst reminded everyone that the macro bear trend that saw BTC fall from $14,000 – $7000 in just a couple of months, is still there
Why Macro Downtrend is Still There
Well-known crypto entrepreneur and trader, PostyXBT, recently asserted that in spite of those buying Bitcoin and it’s extremely bullish short-term price action, the long-term macro downtrend remains. PostyXBT believes this as Bitcoin is still trading under the key level of $7800. He specified his explanation to his Telegram channel:
“However, the macro set up remains the same. Until we see a weekly close above 7.8k or further momentum from bulls, my set up remains valid. It’s easy to be distracted with all the noise from CT as the bulls are out in force and I understand why.”
The $7,800 BTC price has acted as both a level of resistance and key support. Many look to this this point on the weekly candle to determine sentiment buying and selling Bitcoin. If the price was to move through this level of resistance, many could be encouraged to buy Bitcoin.
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