the overall outlook for bitcoin is bullish and it will remain that way but in the short term it is currently impossible to predict what kind of market we are going to have unless price can break some of the major resistances such as $8000 for example then we can be more confident about the trend that bitcoin is following. for now it is sideways with a very strong bottom at $6k.
The overall outlook of bitcoin may be bullish as people certainly want it to be bullish, but nothing is actually guaranteed or certain yet at this moment. Sure, the $6k region has been holding and a new trend starting from there, might actually help see if the trend line will end up being broken upward to start a new trend or not.
Certainly, all we have is the time and trend to know where the market leads eventually but seeing the quick reactions of bear recently, I would not be too optimistic.
Right! A small movement in the market right now is not a depiction of bullish movement. Moreover, the only way I will be very bullish right now is if we close weekly above 7k.
Secondly, the bears are still very strong and sometimes these days, trading the market requires a little bit of carefulness with how fast the bears can strike. Time though is all we have now.
Of course, a +/- 5%-7% is not a clear depiction of a bullish movement. There are thousands of traders around + the whales who can moved the price is either direction. We don't need to jump and get excited for a sudden bump because it can be wipe out in matter of minutes, just remember what had happened a few weeks ago, $6500-$7300 and then boom, in just 30 minutes all weeks of hardwork pushing the price to that level is gone!!!
For it to say that bearish trend is at least at the tail end is that bitcoin touch $10K and sustain that price along the way.