Bitcoin’s Short Term Propositions Look Dangerous For The Bulls

Bitcoin’s short-term propositions look quite dangerous for the bulls since BTC was showing some signs of strength over the past few days and the bulls managed to defend against the sustained drop below $18,000 so let’s take a closer look at the Bitcoin price analysis in our news below.

The buying pressure below this level was tempered and sparked a slower climb higher so until the cryptocurrency can reach a new level that starts off a new buying spree that could boost a V-shaped recovery, there a chance that it will see more weakness ahead. One trader noted that a move lower could be imminent in the near-term and pointed to a few technical signs that show us how a downside could be imminent. He noted that being long and expecting a move at $20,000 looks like a crowded trade that could not come to fruition until there’s a “sizeable correction.”

Bitcoin and the rest of the market sparked higher today with the crypto climbing back above $18,000 and boosting the bulls. Where will it trend in the mid-term could depend on the reaction to $19,000 which has been a pivotal level in the past that once broken, all-time high tests followed and sparked many selloffs as well. One trader expected a correction before BTC can smash the heavy resistance that it faces at $20,000.

At the time of writing, BTC was trading up just over 2% with a current price of ,400 which is around the same price level that it was trading over the past day.
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The recent drop below this level looked grim at that time but the bulls defended it and since helped reclaim the position in the $18,000 region. if the bulls are able to defend against intense downsides, there’s a chance that the cryptocurrency will continue pushing higher.

Bitcoin’s short-term propositions don’t look quite good for the bulls as one trader said that he is pessimistic about the outlook of Bitcoin’s technical strength and said a move lower will likely happen before it is able to garner enough buying pressure for a new high:

 “I don’t like the way BTC is looking in the short term if you have a bullish bias. Two rejections at resistance with a sizable bear div and declining momentum. Too many people still expect price to rip through 20K at any moment. Won’t happen before a sizable correction IMO.”

It remains to be seen how low will BTC have to go to shake out all of the bulls that are crowding the upside trade but there are chances that a move like this could happen sooner.