{"id":422406,"date":"2020-05-01T01:00:41","date_gmt":"2020-05-01T01:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=422406"},"modified":"2024-06-11T13:48:09","modified_gmt":"2024-06-11T13:48:09","slug":"myriad-of-bearish-signs-flash-for-bitcoin-as-analysts-eye-sp-500-futures","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/myriad-of-bearish-signs-flash-for-bitcoin-as-analysts-eye-sp-500-futures\/","title":{"rendered":"Myriad of Bearish Signs Flash for Bitcoin as Analysts Eye S&P 500 Futures"},"content":{"rendered":"
Bitcoin\u2019s insane rally yesterday that allowed it to climb nearly $2,000 at its peak has stalled, with the retrace from its daily highs of $9,500 printing a massive wick that has made its daily candle look quite bearish.<\/p>\n
Analysts are now noting that a myriad of different technical factors suggest that the cryptocurrency may be poised for a pullback in the near-term.<\/p>\n
There are a few key levels that analysts are closely watching, and how the crypto reacts to these levels in the hours and days ahead could be quite telling for just how high its current strength will lead it in the long run.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price of $8,850, which is around the price level it has been trading at for the past day.<\/p>\n Overnight the crypto was able to significantly extend its recent uptrend when bulls pushed it to highs of $9,500. This is where it faced a dire rejection that ultimately lead it to decline to its current price levels.<\/p>\n Although Bitcoin<\/a> has yet to post a sustained decline in the time since this rejection occurred, it is important to keep in mind that a failure for BTC to surmount $9,300 in the coming hours could be dire, leading the crypto to retest its support at $8,400.<\/p>\n One popular crypto analyst on Twitter spoke about the bull and bear cases in a recent tweet<\/a>, explaining that multiple indicators signal that a pullback is imminent, but that BTC is flashing some positive technical signs on lower time frames.<\/p>\n \u201cBTC: Bullish – price bounced hard off $8400 support and could have a run-up to retest $9000s again, looks good on LTF. Bearish – if unable to break $9300 4hr close, this could make a new lower-high, overbought on oscillators, BTC hit key levels & 7 weeks of green, pullback time?\u201d<\/p><\/blockquote>\n