Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

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Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days.

This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells trouble for the weeks and months ahead.

Bitcoin Climbs Above $9,500 as Bulls Attempt to Push BTC Higher

At the time of writing, Bitcoin is trading up over 1% at its current price of $9,550, which is up slightly from its daily lows of roughly $9,350 and is down significantly from its recent highs of $10,200.

Bitcoin’s bearish price action as of late was first sparked by its parabolic ascent towards $11,000 that occurred last weekend.

Over the past several weeks, Bitcoin has been setting lower highs on a fairly consistent basis, a trend that first began in late-June when the crypto finished its parabolic rise with a sharp movement towards $13,800, which remains the 2019 high.

Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s near-term price action in a recent tweet, noting that it is currently within a tight range that will likely elucidate which direction it will head next.

“$BTC This is the only trade I’m interested in today. If #bitcoin pumps to the green line I’ll short it. If it breaks lower support I’ll patiently wait for a scalp long around $9K, either way I expect to be in and out rather quickly, this is not the environment to hold trades open,” he explained.

Will Bulls Bolster BTC as It Closes Its Weekly Candle?

Currently, there are only a handful of hours left until BTC closes its weekly candle, which in its current state looks incredibly weak.

Chonis also spoke about this candle in a Tweet, explaining that a failure to bolster the weekly candle could lead to significantly further losses in the near-term.

“$BTC – bulls have less than 10hrs to make this weekly #bitcoin candle look less like a [expletive]show,” he said while referencing the below candle.

As the day wraps up it is highly likely that analysts and investors alike will soon understand whether or not the crypto markets are going to climb higher, or if a drop towards the sub-$9k region is imminent.

Featured image from Shutterstock.

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