BTC/USD is still in downtrend, though, trying to break its upper border at the moment. In the case of a failed attempt to break out of the channel and the fixing of around $10 000, the pair expects further downward movement up to the level of 1000 USD per 1 Bitcoin.
Another unfavorable factor for Bitcoin and the whole crypto-industry as a whole, is the fact that the total capitalization of the market at the moment is not much more than $ 200 billion. It is five times less than it was in December 2017, when Bitcoin was worth a record $20 000.
24-25 July this year has already been an attempt to break the descending channel, which was not successful, the level of $8500 was not under the force of the bulls and the pair rebounded to the area of support at $5900. If the second attempt that is planned right now, will not succeed, we are likely to waiting for a break of this strong support level.
Another technical factor is not in favor of Bitcoin, is that the market is below a rising trend line which was breached in May-June of this year, and below 100 and 200 EMA.
Breakthrough of the rising trend line, of course can be false, but for that to the market must come really large investors and start buying Bitcoin.
Now look at the market from a psychological point
For those who have not seen this picture, I highly recommend to read to understand what about the market phase we are:
In stage of euphoria when Bitcoin flew to $20,000, there were very few people who thought that in a New Year the price will be at least $100 000. Do you think now there is a lot of people who think that Bitcoin will be worth $1000 by the end of the year?
The market breaks down stereotypes and always goes against the crowd.
I'm certainly not Nostradamus, but I think that panic sell has not yet ended and the real panic will begin when Bitcoin will be close to around $1000, and this will be a good time to buy BTC.
Have a good investment :)