Bitcoin Price Fails to Push Higher: Analysts Now Wary of Return to Bear

Since topping at $10,500 last week, Bitcoin (BTC) has been in a relative state of calm, trading within a tight range between $9,000 and $9,500. Despite this consolidation above the 200-day moving average, which many analysts would call more bullish than bearish, some fear that the crypto markets charts are flashing warning signs. They claim that a decline from here is likely.

An analyst going by James recently drew attention to an array of reasons why it may be logical to be bearish on Bitcoin. He noted that BTCs three-day Relative Strength Index remains in bear market territory, while the recent move higher was a textbook signal for a trend continuation. He added that there also exists two hidden bearish divergences on the one-day chart, implying a further breakdown.

Dave the Wave has corroborated this sentiment. He noted that the Histogram has begun to contract on the daily, while the one-day Moving Average Convergence Divergence (MACD) has started to roll over. This implies that the medium-term trend is down.

While Bitcoin may soon be susceptible to a short-term drop, one that may bring it back to the $7,000 range, the case for a long-term bullish trend is starting to be realized yet again.

Asreported by this very outlet previously, popular analystFilb Filbnotedthat by the end of November or start of December, the 50-week and 100-week moving averages will see a golden cross, which he claims is far more significant for the Bitcoin market that other technical crosses.

Filbs chart depicts that after the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out. Historical precedence would suggest the same is about to happen again.

Also, trader HornHairs has noted that he likes the chance we hit $14,000 before $7,000. But why, exactly, does the trader expect Bitcoin to surge higher by 55% from the current price of $9,200 over the alternative scenario of a collapse to $7,000.

Well, it has much to do with where Bitcoin has just bounced from and where it closed October. He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.