Bitcoin enters the battle between “bears” and “bulls”: will it recover or will it fall again?

Bitcoin Recover Bears Bulls

The largest cryptocurrency is still trading around $ 36,000 after the decline caused by Elon Musk’s tweets.

Bitcoin has not yet recovered from the “Musk effect” and remains in the range of $36,000, in a battle between bulls and bears, which the firm Glassnode defines as a bid between “bears” and bulls. “

The price plummeted after posting the “#Bitcoin” tag with a broken heart emoji and a photo of a couple discussing a breakup.

Bulls Bears Bitcoin

For the third week in a row, the price of bitcoin is below $40,000, after falling as much as 50% in about two weeks (from $59,000 to $30,000 at its lowest point).

Unlike last week, during the last days bitcoin has not even momentarily touched the level of $40,000 and remains lateral, in a range between 35,000 and 39,000.

Some analysts see that Bitcoin is facing the appearance of a metric of bad omen: “the cross of death.”

The financial analyst Rekt Capital, for example, pointed out this Thursday that bitcoin is facing the appearance of a metric of bad omen, as its name suggests: the “line of death.”

According to Rekt Capital, this death cross would not arrive in the shortest term, although if Bitcoin did not rise in price quickly, the arrival of this moment (which has already occurred in previous bull cycles after setting all-time highs) could occur so soon as in this month of June.

For his part, the researcher and analyst of the bitcoin blockchain, Willy Woo, insists that BTC remains within the same bull cycle that began towards the end of last year.

For the moment, the price remains somewhat stable after the last big drop, although it cannot recover the levels it had been showing before the decline began.