The bitcoin price movement for the month of July has birthed plenty of bearish narratives and going forward, the leading cryptocurrency will need to outperform to at least stay afloat and remain above the $9000 mark or Bitcoin could suffer a severe dip below the $8,000 mark, at which point the bulls will need to apply more pressure and build enough momentum to survive and trade past prior support.
At the time of this writing, Bitcoin is already striving to maintain a solid price movement so any downturn from here on could mean that the next rally would need twice as much pressure and effort from the bulls.
The one-week trading chart from July 16th shows a struggling Bitcoin which has been range-bound below the highly anticipated $10,000 level. Bitcoin stayed at the $9,200 mark while experiencing slight gains and losses on the same day. A decline to $9,100 was experienced and maintained for the next two days. This came after trading volume took its own downturn and struggled to hit new highs. At this point, altcoins were still outperforming with some coins attaining gains of 20% and above within a 24hr period.
However, the primary cryptocurrency was still trading at the lower lows of $9,100 until the 19th of July when the bulls regained control and Bitcoin began to take baby steps above previous support levels.
A significant bullish reversal pattern was ignited on the 21st of July when the bulls pushed prices all the way up to $9,340. The $9400 mark was also tested shortly after, before the expeditious surge that has now seen Bitcoin at its current trading price of $9,504.
At this point, popular Analyst Josh Rager warns that a dip below $9,230 could spark a bearish rally that could potentially move Bitcoin to a bottom range at $9500. On the chart above, the top range which is $10,000 has been highly anticipated but Bitcoin is yet to break out and maintain that price level since the month of May.
Also, with another market pundit asserting that a closing price of $9700 is signaling a bullish Bitcoin, then the market sentiments may not remain all that gloomy as Bitcoin is still yet to drop below the $9500 mark at this time.
The slightest upsurge in trading volume could pump the price up and Bitcoin could test the $9600 mark. If the bulls hold on strongly and resist both mild and major pullbacks from the bears, then the $9800 closing price can be attained in a space of 48hours. From then on, $10,000 will be in motion.