Why Is Everyone Bearish? Analyst Asks as Bitcoin Macro Structure Still Bullish

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Early in September, Bitcoin underwent a strong reversal that brought the coin to $9,800 from $12,500. The drop marked a crucial rejection of the $12,000 horizontal level on a weekly basis. There are some analysts that flipped bearish after Bitcoin formed that pivotal rejection. BTC is still in a positive spot on a macro frame, though, some have said. They point to how Bitcoin held the critical lows at $10,000s. $10,000 is a crucial psychological and technical region for the cryptocurrency as it marked previous highs and lows. Why Is Everyone Bearish on Bitcoin? Bitcoin’s drop earlier this month and the cryptocurrency’s subsequent inability to rally has worried some analysts. They think that the strong rejection at the $12,000 highs are a sign that the cryptocurrency remains in a macro range as opposed to a macro bull market. This may not be the case, though. One trader shared the chart…

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