After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. This marked an increase of nearly 20% from the bottom, making some convinced that the bottom is in. Though, over the past 12 hours, the cryptocurrency has started to slip once again, eliciting bearish responses from an array of industry analysts.<\/p>\n
As of the time of writing this article, Bitcoin is trading for $7,400 on many major exchanges, having shed 3% of its value in the past 24 hours. While this wasn’t a decisively bearish movement that implies new lows are coming, analysts are convinced that it’s a precursor of pain to come.<\/p>\n
Popular trader Inmortal Technique recently observed<\/a> that the uptrend from the $6,600 level has been increasingly bearish, with each impulse higher (of which there were three) having less buying volume, implying bulls were losing momentum. That’s not to mention that the three impulses higher fell short of a clear support zone close to the $8,000s. He thus claimed that the “party is over.”<\/p>\n The party is over $BTC<\/a> pic.twitter.com\/9feMeiFQUP<\/a><\/p>\n — Inmortal (@inmortalcrypto) November 30, 2019<\/a><\/p><\/blockquote>\n\n