On May 19, the bulls managed to achieve a rebound for Bitcoin at $28,630, which is the strong support mark. Despite being able to rebound the price, the bulls did not have enough energy to keep the trend going.
Therefore, the lack of energy by the bulls in running the trend did not let them steer Bitcoin off the downward track. This has made it clear that the bears are not going to give up that easily.
This is the reason why they may carry on with their activity of selling Bitcoin whenever the bulls manage to form a rally. This confirms that the situation is currently in favor of the bears, and they may not let it go that easily.
Bears’ Attempt to Pull Bitcoin Downward
The bears are and may continue making the effort of bringing Bitcoin lower. For now, their main goal is to bring Bitcoin below the $28,630 mark. Many major factors are currently in favor of the bears. Among the rest, the recent major dip in the stock market has exerted huge pressure on Bitcoin.
Due to the recent stock market dip in the tech sector, many investors have grown concerned about anything that has anything to do with technology.
Investors are especially very cautious about IT and software-based companies. This somehow brings Bitcoin and altcoins in the same category, thus, having an indirect impact.
Given the strong negative factor going in their favor, the bears’ next target after bringing Bitcoin below $28,630 would be $26,700.
There are currently no indicators indicating towards a recovery for the stock markets. This is reassuring for the bears as they can continue inflicting more damage to Bitcoin. However, the $26,700 benchmark is a strong support point for the bulls.
They may demonstrate their true strength at this point to defend it. However, if the negative factors remain persistent, then the bears may beat Bitcoin’s price down to $25,000.
This won’t be the ending point for the bears because they may go for another major pull. Their constant selling pressure may continue building and over time, Bitcoin may dip to $21,800.
Bullish Sentiments May Push Bitcoin to $34,823
Given the current circumstances, not much can be expected from the bulls. They are too shy to attempt any strong buying rally and push Bitcoin’s price higher.
If the bulls are able to give tough competition to the bears and manage to push over $28,630, their next attempt will be to hit the 20-day EMA. At this point, the 20-day EMA for Bitcoin is $32,332. If the stock market makes it back into the strong game, then Bitcoin may have the opportunity to rise back to $34,823.