Bitcoin came within a whisker of making a new lower low late on Monday. A bounce back to $28,850 happened instead.
Some respite
Bitcoin came perilously close on Monday night to making a new lower low, which from a technical charts perspective would have been extremely bad news, and could have led to new lower lows at $24,300, and possibly $21,800 and even beyond.
Instead, bitcoin has grabbed itself a respite and potentially another bite at the cherry, which could see it reclaim $26,000 and perhaps kickstart the bull market once again.
However, in spite of the welcome relief for Bitcoin bulls, the narrative across the market and social media still appears to err much more towards the negative. Ryan Selkis, founder and CEO of Messari stated on his Twitter (X) account:
We’re approaching max pain. Bear markets last longer and go deeper than we want them to. Need a couple of capitulations, then chop, then rebirth.
This is near the worst sentiment that I’ve ever seen. Deeper than 2019. Closest feeling was 2015 for me.
— Ryan Selkis 🪳 (@twobitidiot) September 11, 2023
