After a precipitous drop to $6,400 earlier this month, Bitcoin (BTC) has seen a strong rebound, trading as high as $7,700 just this past weekend.<\/p>\n
While some say this a precursor to a return to the bull market that graced the cryptocurrency industry for the first half of 2019, analysts say it’s too early to be bullish. Here’s why.<\/p>\n
Over the past few weeks, Bitcoin has tried its hand at breaking out, reaching the high-$7,000s twice over the past month as bulls have tried to wrest the cryptocurrency industry back into a bull market.<\/p>\n
Though, these attempts haven’t worked, with BTC falling short, failing to break the $7,800 to $8,100 resistance on two consecutive occasions due to not enough momentum.<\/p>\n
With this in mind, popular cryptocurrency trader Mac recently suggested<\/a> that with this region becoming an “x2 yearly and monthly resistance,” Bitcoin will need to close above the abovementioned region on a weekly basis before he can say that a “new bull market” has started for BTC.<\/p>\n https:\/\/twitter.com\/MacnBTC\/status\/97707264<\/p>\n It isn’t only Mac who is suggesting that Bitcoin is not yet bullish from a more macro perspective.<\/p>\n Per previous reports from NewsBTC<\/a>, CryptoThies recently noted that despite the strong recovery from the local lows, his indicator, dubbed MarketGod, is still printing a \u201csell\u201d signal on the December candle.<\/p>\n He notes that MarketGod has called these macro trends 4\/4 in the past six years of Bitcoin price\u2019s history, making the latest \u201csell\u201d signal rather potent, for it implies that there are months more downside ahead.<\/p>\n Loads of questions in DMs in terms of where I stand on sentiment and current state of the macro trend for #BTC<\/a>. — Crypto Thies (@kingthies) December 24, 2019<\/a><\/p><\/blockquote>\n\n
Not to be the bearer of bad news, but realistically speaking, I need compelling evidence to overturn MG on a high TF like this, when it\u2019s 4\/4 on trend signals. pic.twitter.com\/RGOru5cyZw<\/a><\/p>\n