Is crypto in a dead cat bounce?
Has this week been just a prolonged dead cat bounce?
That’s what some in the cryptoverse are saying, as BTC’s latest retraction paints the whole town red:
For those uninitiated, a 'dead cat bounce' is used to refer to a temporary recovery from a prolonged decline or a bear market, which is then followed by the continuation of the downtrend.
Given BTC’s ~7% dip over the past 24 hours, some believe we’re now officially in the second leg of a downtrend:
While some are pretty matter-of-fact about it, others have already gone into full panic mode:
Many, however, refute the DCB claim by pointing to the market-wide trends leaning bullish for a while now:
As DCB has turned into a big point of contention in today’s price discussions, there’s at least as much disagreement about BTC’s intraday bounces. The big kahuna retested several support levels earlier today, bouncing successfully off of $6950, $7000 and $7200 levels, respectively.
And while some have been fairly optimistic about BTC’s support levels:
Others are a bit more skeptical about a sustained uptrend:
Safe to say that both bulls and bears have been well represented in today’s price discussions.