After hitting $6,600, Bitcoin (BTC) saw a strong price bounce, returning to $7,800 just yesterday. Though, analysts have asserted that the cryptocurrency market remains in a weak state, despite the nearly 20% recovery that has been seen over the past week.<\/p>\n
Popular trader NebraskanGooner recently noted<\/a> that Bitcoin’s weekly chart looks bearish, again in spite of the fact that a recovery was seen after the strong move lower. The analyst specifically remarked that BTC failed to break the key 99-week simple moving average and a horizontal zone of resistance, before adding that the “increased buyer volume” narrative is a clear misnomer and that the on-balance volume indicator saw a bearish retest.<\/p>\n #Bitcoin<\/a><\/p>\n Weekly looks bearish<\/p>\n Logically one more slight lower low is psychological pain to a lot of people. Plenty of "break even" and "just below last wick" stop losses to hit<\/p>\n I expect slow bleed. Lots of dip buying and being stopped out. Then a fast dip with rapid absorption pic.twitter.com\/2IyJmwMj0T<\/a><\/p>\n — Nebraskangooner (@Nebraskangooner) November 30, 2019<\/a><\/p><\/blockquote>\n\n