Macro factors suggest that the Bitcoin market is currently in the hands of bears

As the benchmark cryptocurrency closes its monthly session, several macro factors suggest that bears may soon be in full control. Despite last week’s turbulence, Bitcoin and the crypto market as a whole have yet to develop any decisive momentum.

One trend that seems to be working in the bears’ favor is the lows that have been being set over the past few weeks. Bitcoin prices initially fluctuated around $9,700, then hovered around $9,400, and are currently trading just above the $9,000 range low.

There are other trends that could determine the cryptocurrency’s macro outlook, and all of them are favorable to the bears.

After last week’s volatility, Bitcoin price remains stable at $9,100

As of this writing, Bitcoin is currently trading at $9,125, a slight drop in price. This is also roughly where it has been for the past few days.

Yesterday, Bitcoin attempted to climb higher but encountered insurmountable resistance in the $9,200 region. Last week’s volatility, which saw Bitcoin prices rise to highs of $9,800 before falling to lows of $8,900, did not provide a clear direction for the cryptocurrency’s short-term trend.

That being said, it does confirm a bearish-leaning “death cross” pattern, which tends to precede significant declines in Bitcoin.

One analyst addressed the event in a recent tweet, noting that the cryptocurrency’s technical indicators appear weak when looking at its 4-hour chart.

Bitcoin price analysis chart source: Teddy

Analysts believe this could lead to Bitcoin ending at its June lows and potentially causing a downtrend throughout July.

The $10,000 barrier is insurmountable

Another analyst noted that in addition to a “death cross” forming on the monthly candle close, he also pointed out that the continuous rejections at $10,000 over the past few weeks appear to be spelling trouble for what’s to come.

This makes him suspect that a test of $8,600 is imminent, and Bitcoin’s reaction to this price level provides key information for understanding Bitcoin’s medium-term trend.

Analyst Cactus shared an analysis chart on Twitter and wrote: "BTC HTF latest news: rejected at $10,000 for the second time this year, it seems that the momentum of HTF is beginning to slow down, and the price is expected to hover here for a while. As long as buyers continue to support RL, there will be no problem... Think it may be possible to retest RL in the $8,600 area." (Baijiahao)