A market analyst and trader is expressing bearish sentiment on Bitcoin (BTC) amid a correction that has seen the flagship crypto asset fall by around 10% in a week.
The analyst pseudonymously known as DonAlt tells 61,800 subscribers of the TechnicalRoundup YouTube channel that Bitcoin appears bearish after recording a series of lower highs and lower lows on the weekly time frame since reaching its all-time high of around $73,800 in March.
“Weekly time frame is bearish right now. And it will remain bearish unless we reclaim $60,000…
I think $60,000 is now the line in the sand.”
The analyst says that even though Bitcoin is “not looking too good” at the moment, the fact that the support level at around the $52,000 price held after this week’s dip is somewhat of a positive sign.
“We did hit support this time, in my opinion. It’s not the best – the really good support is down here [at below $44,000]. But we did hit it. We had a massive massive wash out which, in my opinion, we didn’t really get too much of in 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 going down [below $52,000] in next few days… I would be surprised. We can easily retest the lows, but I think there’s a good chance that the $50,000s are going to be where we’re trading around. Unless something catastrophic happens in macroland.”
Bitcoin is trading at $57,526 at time of writing.
Generated Image: Midjourney
