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7 December 2023
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Price Analysis

Will the bear return?

The past few days we secretly got a bit of hope that we would end up in a bull market. Bitcoin (BTC) rose to $ 4,000 and virtually the entire top 100 cryptocurrencies showed green figures.

The sharply rising prices, however, turned out to be short-lived. The largest cryptocurrencies saw a considerable decrease in the past few days after the steep rises and are currently acting sideways. That means that none of the cryptos increased or decreased significantly in the last 24 hours. There is, however, an exception: XRP.

Thanks to the news that Coinbase Ripple’s XRP will add to the platform for professional investors, Coinbase Pro, XRP rose significantly.

Bitcoin is currently worth about $ 3,864, which means an increase of only 0.15%. On the hourly chart we see that the bitcoin exchange is forming a bear flag. This is a pattern that signals a bearish movement. Should the price drop further, the RSI indicates oversold conditions, which is another indication that bearish sentiment prevails on the market.

Two other important technical indicators, the 50-week MA and the 200-week MA, formed a bearish crossover. This means that the 50-week MA has dipped below the 200-week MA, which is a positive indication for the longer term.

Whether the bears will take over the baton again, we will see the coming days. For now it seems that the BTC share has been hit by investors having taken their profits in the past few days after the increases. However, Bitcoin must break the $ 4,190 level again to maintain the bullish sentiment of the past few days.

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