{"id":28423,"date":"2022-06-01T04:51:51","date_gmt":"2022-06-01T04:51:51","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=28423"},"modified":"2022-06-01T04:56:33","modified_gmt":"2022-06-01T04:56:33","slug":"news-commentary-1691-market-news-bitcoin-bear-market-confirmed","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=28423","title":{"rendered":"News Commentary #1,691 \u2013 Market News | Bitcoin Bear Market Confirmed?"},"content":{"rendered":"

It’s not the first time in history when all the folks, who anyhow related to cryptocurrencies sphere, find themselves in front of the important question<\/strong> and its hard decision<\/strong>. The core idea<\/strong> of the question is whether it’s a Bull market correction<\/strong> and we must go higher OR did we switch on the Bear trend<\/strong> and for the particular period of time we will see only lower and lower prices for cryptocurrencies..<\/p>\n

As i always say – noone can predict the future,<\/strong> unless we have such people who create such trends themselves :). Many of big investors in hyips which i am in contact with are crypto investors too and several of them already warned me in private<\/strong> that this bear steps is just a trap<\/strong> and the market will go higher.. However others from the same BIG investors with balances more than 80-100 BTC<\/strong> wrote to me that we will see much lower prices for crypto very soon<\/strong>.<\/p>\n

Whom should i believe ? \ud83d\ude42 I respect all of you – EN community readers and investors, but it’s a principal question and i guess the answer must be not that trivial. I will try to find some more information about this situation.. Today you can see the first one below:<\/p>\n

\n

In the last three days, Bitcoin and the broader cryptocurrency have shown a major trend reversal gaining by 8% in a short time<\/strong>. After its major decoupling with the U.S. equities last week, Bitcoin has been trying to\u00a0catch up\u00a0in this relief rally.<\/p>\n

As of press time, Bitcoin is trading at $31,744<\/strong> with a market cap of $604 billion. However, investors need to be a bit watchful before thinking that this is the beginning of the next bull market. Instead, the market is showing signs of just another bear market rally at this stage.<\/p>\n

\n
\u00a0<\/div>\n<\/div>\n

Thus, it would be too early to say that BTC is heading towards a new all-time high. Does, this mean that the BTC price cannot go up from here? We can see Bitcoin touching more highs during the pullback rally of June 2022<\/strong>. However, one cannot ignore the possibility of a new low as well! A market analyst that goes by the pseudonym Pentoshi\u00a0writes:<\/p>\n

\u00a0<\/p>\n

\n

Bear market rallies can be brutal. They can go much higher than you think but almost always end in a 3D-1W LH or equal high. It\u2019s easy to sell a LH and then pay for confirmation as opposed to round tripping something to new lows Don\u2019t get fooled by emotions. This to me was an obvious bear market rally (we talked about 3840 SPX swing low before it even happened.<\/p>\n<\/blockquote>\n

Key Levels to Watch For Bitcoin<\/h3>\n

The recent Bloomberg report also notes that Bitcoin\u2019s recovery could just be a Blip before another major fall. Thus, one should not mistake this for a sustained reversal. If Bitcoin fails to hold its key support levels, it has every probability to tank to $22,000 levels<\/strong>. Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence,\u00a0wrote:<\/p>\n

\u00a0<\/div>\n
\n

\u201cIf it can hold the psychologically important $30,000 level<\/strong>, it could range-trade to resistance at $40,000<\/strong>. Technically, a break below $29,000 would confirm an ominous double-top pattern with next support at the May low of $25,424<\/strong>, then the 200-week moving average at $22,130<\/strong>.\u201d<\/p>\n<\/blockquote>\n<\/blockquote>\n

Check other news for today<\/span><\/a> and Please stand by..<\/p>\n

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It’s not the first time in history when all the folks, who anyhow related to cryptocurrencies sphere, find themselves in front of the important question and its hard decision. 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