Bitcoin falls below $9,000, can bulls still control the situation? Listen to what analysts say

Last Saturday, after a week of consolidation, Bitcoin finally fell below $9,000. When the asset fell below this level, more than $20 million worth of long assets on BitMEX were liquidated. This was in addition to the $40 million liquidated two days ago.

Many quickly turned bearish on Bitcoin as it temporarily lost support at $9,000. One cryptocurrency trader shared a chart that showed that the pattern predicting a plunge to $7,000 was almost confirmed when the drop occurred. But another analyst said that taking a step back, Bitcoin is still in consolidation.

Bitcoin remains stuck in a trading range

According to Crypto Monk, a trader who shared the chart below, technically, Bitcoin is still trading in a range. The analyst noted that this support is still in play as the price of Bitcoin stalled around $8,900 yesterday. “BTC is still in a consolidation range playing ping-pong. No need to be sad,” he wrote, sharing the chart below.

Bitcoin Price Analysis Chart Crypto Monk

Blockroots founder Josh Rager also expressed the same view. As Xiaotian previously reported, Josh Rager said that Bitcoin is currently in the price range of $8,500-$10,000. Unless it breaks these levels on a daily/weekly time frame, it will continue to remain in that range.

“BTC range is clear, current support that has held for the past three weeks is the middle range, $8,900 is likely here, followed by a possible $8,500 range bottom, a break below $8,500 will provide a long summer for Bitcoin holders,” he told his followers on Twitter on June 25.

Bitcoin price still range-boundJosh Rage

Tone Vays, a former vice president at JP Morgan Chase, also commented on Bitcoin’s range-bound trading. The Bitcoin analyst recently published an analysis on Youtube, saying: “As I have been saying for months, I see no reason to abandon my prediction at the beginning of the year, when I believed that Bitcoin would stay between $6,000 and $10,000 for most of the year,”

Bulls Still in Control

As Bitcoin continues to trade within its trading range, many are asking the question of ‘where will the consolidation go?’ Currently, many are divided on this, but there is evidence that the bulls are still in control.

The confluence of multiple fundamental factors suggests that Bitcoin’s long-term trend remains up, including but not limited to: possible macro weakness in the U.S. dollar, stronger gold prices, miners pushing up the Bitcoin network’s hash rate, and reduced selling pressure from hoarders.

A data analyst also recently did a range analysis. This shows that in the past two years (in the past two years), Bitcoin looks like it is now (77%), and the bulls finally achieved an upward breakthrough. (Baijiahao)