Summary:
- Bitcoin’s weekly close last night marked a failed, bearish effort to push the price to new lows but the weekly/monthly support outlined at $9,300 held really nicely.
- We are currently experiencing a market retest of the shakeout swing low occurring on low volume and low spread, and it is displaying signs of bearish exhaustion for the time being.
- If we manage to break support, we can expect to see a test of the low $8,000s. However, if we hold support, I would really like to see the market rally from the lows on high spread and high volume. If we manage to close our monthly candle above $10,000, it will be a very strong sign of bullish control on a macro time frame.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
The post Bitcoin Price Analysis: Weak Retest Hints Toward Bearish Exhaustion appeared first on Bitcoin Magazine.
