The bearish crypto market is on the track to come back again as the BTC bulls weaken and appear quiet on crypto social media as well.
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About $5 billion has left the space over the past day as the altcoins losses acceleration and the bears reemerge to the surface. In today’s crypto news analysis we take a closer look at the altcoins in their prices.
BTC is clearly having a hard time staying above $9,000 at the moment. The bearish crypto market sentiment has officially returned and the analysts are claiming the same. The China bulls have sprinted to the hills leaving the bears to gather all of the monumental gains. After reaching an intraday of $9,250 twice, Bitcoin has dropped again to the $9,100 level. The next support level for the asset is at $8,600 which could be a hit pretty quickly as soon as BTC starts dropping below $9K.
The analyst and trader ‘Crypto Dog’ has noted that the negative sentiment is here and created a poll for his followers on the predictions of the Bitcoin prices. The social media was pretty quiet and all of the bullish enthusiasm from earlier seems to have evaporated. It feels like a dump could be on the way. Most of the responses on the poll show bearish sentiment and the fellow trader ‘Credible Crypto’ concurs with the sentiment adding that drop support in the mid 8,000 regions will happen very soon:
‘’Either way, I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met. Current thoughts on $BTC IF the lows at $8917 (circled) are cleared. If we bounce before that, plan B comes into play.”
Not all of them are bearish. The twitter trader ‘financial survivalism’ seems to have identified a falling wedge on the charts which is usually a bullish pattern. The dominance of the altcoin topped out at just about 71 percent during the big spike but has now returned back to 69.6 percent. This is not so bad if the altcoins were rallying but for now, they are falling back as well.
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