Bitcoin Price Under $12K But Analyst Says Being Bearish ‘Riskier’ Now

Bitcoin (BTC) price was hovering closer to $11,500 on Aug. 7 as analysts brushed off concerns of a fresh downward move.

Market visualization. Source: Coin360

Bitcoin price experiences another healthy correction

Data from Coin360 showed BTC/USD trading at $11,630 as of press time, capping 24-hour losses of 4.5%.

The correction follows several days of bullish price action for the pair, which culminated in fresh local highs over $12,300 on Tuesday. 

Bitcoin 7-day price chart. Source: Coin360

While weekly gains for Bitcoin remain strong at 18.5%, analysts were keen to note the drop below the $12,000 barrier did not constitute a return to bearish sentiment. 

“As long as price holds above $11000, I’m not really that concerned about revisiting $9ks again or lower. It’s far riskier being bearish at this point in time,” regular trader Josh Rager summarized on social media Wednesday. 

As Cointelegraph reported, the impetus for Bitcoin’s latest surge likely lies in macro trends focused on…