Bitcoin price is yet again climbing high after a brief consolidation aiming to secure levels above the crucial resistance close to $ 22,400 by the end of the day’s trade. On the other hand, the altcoins also have gained significant bullish momentum which is assisting them to keep up the upward trajectory. However, some predictions forecast a diverse stand, foreseeing a notable drop as the current rally cannot be trusted.
A popular crypto analyst in a series of tweets explains why he feels that the crypto space is still within the bearish captivity. Therefore, any upswing encountered will be flipped within no time. Il Capo of Crypto who had predicted the BTC price collapse, believes the sellers have still retained their dominance.
The analysts say that Bitcoin is swinging still in a range and it is now important to determine whether the asset is in an accumulation or a redistribution phase. Moreover, the swinging range is small and the accumulations are pretty big while funding is mostly positive. On the other hand, the open interest is also mounting up heavily along with the cumulative volume delta. Hence the analyst believes the longs may be aped meaning may be slaughtered.
The analysts also point out towards a lot of hidden bearish divergence which may be visible if zoomed out of the market and the indicators are also notably bearish. Therefore, the current spike may be just a temporary one, while the length may be trapped for a longer time. However, he feels that Bitcoin’s (BTC) price may retrace in the coming days.