Here’s Why Bitcoin’s Macro Chart Remains Bullish Despite $12k Rejection

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Earlier this month, Bitcoin was rejected at the pivotal $12,000 resistance level after recovering from a drop to $11,000. The cryptocurrency proceeded to drop as low as $9,800, with the market selling the failed breakout attempt. Bitcoin now trades at $10,800, far below those recent highs and below some technically important levels. BTC remains in a positive state on a macro time frame, though, as analysts note that the coin has held a macro support. Analysts aren’t counting out short-term weakness, though. One analyst recently cited three pivotal technical signs as reasons for asserting short-term bearish sentiment about Bitcoin. Bitcoin’s Macro Outlook Remains Bullish as Key Support Confirms Bitcoin’s rejection at $12,000 at the start of this month was far from bullish: $12,000 has long acted as an important horizontal level for the leading cryptocurrency, marking an end to both rallies and corrections. Despite the technical significance of the correction…

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