This Simple Factor Shows Bitcoin’s Selloff Not as Bearish as it Seems

Bitcoin and the aggregated crypto market have seen an intense overnight selloff, which comes close on the heels of the bearishness that the markets experienced over the weekend when BTC plummeted below $10,000 in a violent movement.

This downwards momentum, however, may not last long, as one prominent analyst is noting that it is not a high time frame trend change, and that bears are currently fighting against oversold conditions.

If this possibility proves to be valid, then BTC could soon see a sharp upwards movement that is fueled by overleveraged short positions, which could lead the crypto back into the coveted five-figure price region.

Bitcoin Plunges to Key Support as Bears Attempt to Alter Its Market Structure 

At the time of writing, Bitcoin is trading down just under 4% at its current price of $9,580, which marks a notable decline from daily highs of just over $10,000 that were set early yesterday.

This recent bounce to $10,000 occurred when bulls attempted to reverse the…