Despite Bitcoin's 5% surge, there are reasons to believe the move was bearish:
1. Rejected at Key Level: The bulls failed to break through the crucial level of $57.5k, the bottom trend line of the consolidation channel.
2. No Higher High: The price action suggests a lower high, reinforcing the ongoing downtrend.
3. CME Gap: The gap above $54k is likely to be filled, acting as a magnet unless there's strong bullish momentum (which is currently lacking).
While the bulls are still present, the chances of a significant price increase are low. A lower high, rejection at the key level, and the CME gap suggest another dip before a potential takeoff.
Stay cautious and keep an eye on:
- Price action around $57.5k
- Formation of higher highs
- CME gap filling
A bearish perspective amidst the bullish sentiment.
