Bitcoin has stabilized in the low $ 7,000 range in the aftermath of the recent upswing, with the ability to turn this previous resistance area into support is a short-term bullish sign indicating further upward movement.
However, a bearish formation appears to be forming at the moment, as the cryptocurrency is currently flashing some gloomy signs that could indicate that recent highs will be a medium-term high.
Bitcoin stable within the $ 7,000 region despite multiple denials at $ 7,500
At the time of writing, Bitcoin is priced at $ 7,330. Yesterday's recovery led the BTC price to a high of $ 7,500, where Bitcoin has now experienced two rejections, suggesting that this is a major region of resistance for the cryptocurrency. If the bulls are unable to rise to that level in the coming hours and counteract it as resistance, it is possible that the Bitcoin price will test the support at $ 7,000.
Analyst: BTC shows some bearish warning signs
One factor that could put the tide back in vendors' favor and confirm the $ 7,500 as an insurmountable resistance mark is that buyers are struggling to keep Bitcoin prices above the 20-day moving average. Another analyst spoke about these bearish factors in a recent tweet:
