Bearish Bias Makes no Sense, Bitcoin Price Looks Strong

Late last month, Bitcoin (BTC) suddenly exploded higher. In under 24 hours, the leading cryptocurrency shot from $7,300 to $10,600 in a now-historic pump that caught countless traders slacking.

This move was decisively bullish, as it was, after all, the fourth-largest daily move in Bitcoin’s history, and the largest daily move in over seven years.

For some reason or another, however, a number of analysts have maintained a bearish attitude after this move. One trader, for instance, noted that Bitcoin’s three-day Relative Strength Index remains in “bear market” territory, while the recent move higher was a textbook signal for a downward trend continuation.

This bearish bias may be non-sensical though, according to SmokeyXBT, a well-followed trader.

Related Reading: Research Firm: Bitcoin Price Bottomed at $7,300, Recovery Possible

Bitcoin Bear Case Makes No Sense?

Smokey recently noted that he “isn’t quite sure how people can have a strong bias here.” While he did admit that…