The report of BlockFi filing for bankruptcy was believed to erupt an acute bearish trend compelling the BTC price to plunge below $16000. Meanwhile, the market displayed a contrasting trend as the sudden price surge was pretty impressive. Meanwhile, some of the indicators continue to flash the possibility of a bearish reversal very soon.
Bitcoin price has been under heavy bearish pressure since the beginning of the month. However, the decline was temporarily halted as BTC price stabilized roughly between $16,800 and $15,800. The fresh bullish divergence lifted the price beyond the bearish influence and it is currently struggling to break the resistance of the bearish pennant.
The asset is struggling very hard to break above the bearish influence. But the asset may soon face a massive rejection as some of the indicators are pointing towards the resurgence of a bearish trend very soon. As per the well-known onchain platform, Santiment, the social dominance of the asset has dropped heavily and the traders appear to have moved out of the platform.
BTC-related buzz saw a massive drop, meanwhile, traders shifted their focus to altcoins, indicating the possibility of altseason resurgence very soon.
However, the current Bitcoin is expected to maintain a firm upswing until the price raises beyond $17,000 to reach the crucial level of around $17,500. The BTC price is currently swinging just above the crucial resistance at $16,500 and attempting hard to validate with the upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.
