Finally, after a great competition between the Bitcoin bulls and the bears, it is the bulls that have prevailed. They successfully managed to push Bitcoin over the $40,000 per BTC mark.
The bulls didn’t make a stop or exhaust their resources at $40,000. Instead, they pushed through the $40k per BTC and even crossed the $42k per BTC, going all the way up to $42,594.
However, the bearish trend has not ended for Bitcoin as the bears are still stronger. They have reportedly increased their selling pressure and are competing with the bulls at $42,594.
This is the reason the bulls are finding it very difficult to cross the particular mark and the bears are constantly selling any rallies higher than $42,594.
If the Bulls lose to the Bears
Even now, the bulls are having a hard time sustaining the pressure from the bears. The bears are constantly selling Bitcoin on a lower level, but as soon as Bitcoin crosses the $42,594 mark, they increase their selling power.
The data from TradingView shows that the bears are trying hard to move the price of Bitcoin below the moving averages. For now, the moving averages are within the neutral zone and the RSI for Bitcoin has also hit the midpoint.
This means that for now, the situation for Bitcoin is in the middle. Although the bears have a high potential, if the bulls try, they can also steer the trend of Bitcoin into the positive zone. The constant fight between the bulls has brought the supply and demand for Bitcoin into the middle.
If the bears are able to increase their selling power against the bulls, then Bitcoin would definitely start moving in the negative zone. The investors may continue selling Bitcoin, supporting the negative trend, which would eventually push Bitcoin below the moving averages.
This would sink the price of Bitcoin much lower than it is at the moment. The TradingView analysis report suggests that the bears may try and bring Bitcoin’s value down to $37,000. If the price goes down to $37,000, then it may keep oscillating between $37,000 and $42,594.
If the Bears Give Up Against the Bulls
On the contrary, if the bulls manage to push Bitcoin over the disputed benchmark, then it would mean a positive trend has been triggered.
This would boost the confidence of more investors, compelling them to invest in Bitcoin. This would help the buyers launch a strong attack against the bears, and break their $43,500 barrier.
From there, the competition may become tougher and the bulls may gain stronger sentiments, putting more investments in favor of Bitcoin. This would result in pushing the price of Bitcoin over the $45,400 mark.