Currently, Bitcoin's short-term trend remains bearish. It has yet to confirm any bullish trend reversal. Crypto analyst Josh said in his latest analysis that Bitcoin is still showing a short-term bearish signal. He also said Bitcoin has seen a repeat of past price movements.Analyst Josh checked the Bitcoin chart, he found that the DXY (U.S. Dollar Index) was trending higher, making higher lows and higher highs, indicating a bullish trend for the DXY. Since Bitcoin was around $67,000. When DXY trends upward, it usually means bearish momentum for Bitcoin and vice versa.
There is nothing wrong with short-term bearish trends because they tend to create buying opportunities for those who are willing to invest more in Bitcoin or other cryptocurrencies but didn't do it. After all, the prices were high, now when the market is in a short-term bearish trend, they can easily buy their favorite assets and then wait for the bull run to start.
What's happening in the market right now isn't unique, we have seen Bitcoin doing this a lot of times before going up. We shouldn't forget the time earlier last year after February when Bitcoin stayed stable around $30k for maybe 6 to 7 months and we didn't see much movement, but when it started moving, it went straight from $28k to $37k, and the rest is history.