Let's face it, Bitcoin is bearish! I'm bearish bitcoin since | TrendUpdate

Let's face it, Bitcoin is bearish!

I'm bearish bitcoin since it broke under 60k and my opinion did not change a bit.

As in the case of uptrends, there are countertrend moves also in downtrends, but this should not make us optimistic, and looking at the structure of the chart we really have no reasons to be.

Yesterday, with the release of CPI data, bitcoin had a spike to 50k, but it was short-lived adding reasons to my conviction.

From a technical perspective, since the 69k ATH , we have had lower highs and lower lows and we can draw a clear downtrend line connecting these highs. Also, the price is under 52,500-53,500 old horizontal support and I expect this to act as strong resistance from now on.

That being said, I expect more losses from Bitcoin in the coming days and weeks and ONLY a sustained break above 53k- would change my strongly bearish opinion.