Despite Price Surge to $9,000, Bitcoin Not Bullish Yet: Analyst

Bart Simpson has graced the Bitcoin market once again. Just an hour or two prior to this article’s publishing, BTC suddenly spiked, breaking higher from a consolidation around $8,800 to as high as $9,150 in a few minutes’ time.

As of the time of writing this article, the crypto asset is trading for $9,050 — up nearly 3% in the past 24 hours; altcoins have made similar gains, tracing the market leader. While this slight pump is a move in the right direction for bulls, Bitcoin remains in a precarious territory. Here’s why.

Related Reading: Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop Bitcoin Needs to Reclaim $9,350

Right now, Bitcoin seems to be trying to flip the key $9,000 level into a low time frame support level. While this is important, a leading analyst said that it isn’t the level that would put a nail in the coffin of the bearish narrative.

In a recent tweet, Mayne noted that traders should “be careful getting too bullish into a resistance,” pointing to the fact that BTC remains under the key resistance of $9,085 — a level which the cryptocurrency has interacted with on multiple occasions