The bitcoin price took a sharp turn back toward the $6,000 mark on Monday, reversing what had been a significant early-day rally for the flagship cryptocurrency.
Bitcoin price is currently trading at $6,249 this morning after the weekend wobbles passed without further losses. The bitcoin price showed a recovery after descending as low as $5,755 on Sunday. That mark had represented a year-to-date low for BTC, and it led many to question how far the bitcoin price could sink before the bull rally — a recovery that analysts have been predicting for months — finally materializes.
The failure to capitalize on the drop, despite the long-run bearish technical setup, suggests that the bears are feeling exhausted, having pushed BTC lower by more than 40 percent (from $9,990 to $6,000) in the last seven weeks.
BTC created a doji candle on Sunday, normally signaling indecision in the marketplace. However, when viewed against the backdrop of a 40 percent decline from May high of $9,990, Sunday’s doji candle likely represents bearish exhaustion.
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