Hidden Bear Divergence Could Spell Trouble for Bitcoin

Bitcoin’s buyers have been ardently defending the cryptocurrency’s newfound position within the $7,000 region, as it appears that selling pressure has been ramping up in the time following BTC’s surge from lows of $6,400.

Although the bounce at this level was certainly a bullish sign, it is important to note that the momentum that resulted from this rally has faltered, which is leading some analysts to question the long-term significance of this movement.

Bitcoin Still Hasn’t Confirmed Bullish Trend Reversal Despite Recent Pump

At the time of writing, Bitcoin is trading up just under 1% at its current price of $7,200, which marks a slight climb from its daily lows of just under $7,100 that were set yesterday as bears attempted to push the cryptocurrency back to its key support at $7,000.

BTC is trading down significantly from its recent highs of $7,600 that were set at the peak of the recent relief rally, which sent the crypto from lows of $6,400 to highs of $7,600, which is…