Bitcoin: Will bearish sentiment let up next week?

A move above this level would indicate a shift in bias toward bullish patterns, although it could also be a bull trap.Given the trend on the daily timeframe, further downside appeared likely. The A/D line lacked a strong trend in May, but it has crept lower. The CMF also showed heavy capital flow out of the market. Recent news from the SEC regarding Binance and major crypto assets labeled as securities does not help the bulls, either.

Hence, a move toward the recent lower high can be used to enter short positions. It could be a risky venture, and risk-averse traders can wait for Monday’s high and low to be established before looking for trades.Bitcoin dropped by 4.95%, measured from 9 June’s swing high to 10 June’s swing low. This could increase if BTC falls lower in the coming hours. Alongside falling prices, the spot CVD was in a steady downtrend as well, and has been over the past week.

On 6 June, when BTC bounced from $25.4k to $27.3k, the OI plummeted. This showed short covering drove the rally – the OI remained flat since then. Therefore, with sidelined speculators and bearish price action, bulls must be wary of buying BTC above the $25.2k support.

Source: News Formal (newsformal.com)

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