Bears Shake Bullish Market Sentiment

Bitcoin Price levels have dropped $2,000 within the last 48 hours as bears begin to shake the current bullish market sentiment. Continuation of the pull-back to key support around $8,800 is likely over the coming days.

Bitcoin 30-Minute Price Analysis

On the 30 minute chart for XBT/USD, we can see the sharp pullback that has taken place over the last 2-3 days. A clear influx of new volume has taken place throughout this pullback, initially bearish selling momentum that has now turned into a mixture of buyers and sellers. Price action was met with bitcoin buyers around $9,500 just above the 0.5 Fibonacci level indicating this is the predominant short-term support to look out for.

Strong support between $9,890 and $10,170 mentioned in my previous analysis has pulled price action back up to this level. It’s likely sideways consolidation will take place within this support range over the coming few days before a continuation of the pull-back, or a short-term trend reversal….