Bitcoin made a nice move last month from 6000 last month to nearly cross 10,000. But repeated attempts to cross the level have resulted in failure. However I believe that this is not a cause for worry yet. It is part of a larger consolidation move before decisively crossing 10,000 and making a move upwards
With no major news on the anvil, apart from the Upbit exchange news, Bitcoin is only showing range-bound action between 7500 and 10,000. I believe that the lower end of this range near 8000 is where Bitcoin will find some support and bounce back. However, on the contrary if 7500 level is lost, then short-term weakness ensues. However, for the longer term, this will still remain in consolidation mode. As far as the long term analysis is concerned, a bear market resumes only below 6000. That scenario, in my opinion looks far fetched for now.