Bitcoin and select altcoins have recently shown signs of recovery, but the presence of selling at the top of each price breakout indicates that bears still have control over the market. Here are the key points to consider:
1. Recovery in Bitcoin and Altcoins: After a prolonged period of decline, Bitcoin and some alternative cryptocurrencies have started to show signs of recovery. This has brought some relief to investors who were concerned about the continuous downward trend in the market.
2. Selling Pressure at Price Breakouts: Despite the recovery, it is important to note that each price breakout is met with selling pressure. This suggests that bears, or those who believe the market will continue to decline, still have control over the market sentiment. This selling pressure prevents prices from reaching higher levels and indicates a lack of confidence among investors.
3. Bearish Market Sentiment: The presence of selling pressure at price breakouts indicates a prevailing bearish sentiment in the market. This sentiment is driven by various factors such as regulatory concerns, market manipulation, and uncertainty surrounding the future of cryptocurrencies. Until this sentiment changes, it is likely that the market will continue to face resistance in its recovery.
In summary, while Bitcoin and select altcoins are showing signs of recovery, the presence of selling pressure at price breakouts suggests that bears still have control over the market. This bearish sentiment is driven by various factors and prevents prices from reaching higher levels. It is important for investors to closely monitor market trends and sentiment before making any investment decisions.