That FUD about them backing off did some damage though. It's a great example of how people react to bearish news in a bear market and at the same time how little or no effect have bullish news. You can put some unimportant bearish FUD and people start ripping their hair out, but when this gets busted nothing happens. People who sold are afraid to go back in because what if there's some new FUD and another panic. The strangest part is that people never learn and it will happen again in the next cycle.
i disagree with two things.
starting with calling this "bear market". this is no longer a bear market in my opinion, as you can see price is not going lower. it is going "up and down". and this is not what a bear market is. and second is that as it is not a bear market and price is not technically going down, it raises the question that why is it going to $7k then back to $6k and then $7k and $6k again and so on? the answer in my opinion is that there are only certain people (day traders and whales) that are making profit in this small window and the rest are not even in the market anymore.
The price is going lower, you're not seeing it because the timeframe that you're considering is too short. Our previous low was 6000, then we had nice bull run all the way to 10k and ended up at 5750, which is a lower low. Lower lows and lower highs are a typical indicator of a bear market. Guess what happened after that lower low. Yes, we formed a lower high of 8500. Again, a normal thing for the bear market. The fact that we haven't reached another lower low yet doesn't mean that we won't. We are still trading below the 200 day MA, which is somewhere around 7500 right now. A run to 8k will negate that and that's when I'll stop calling it a bear market.