Bitcoin Price: 2 Key Indicators Hint that a Bear Market is on the Cards

Last week was a tough week for Bitcoin as sentiment shifted from bullish to bearish after the price fell from just under $10,000 to below $8,000 in a matter of hours on Sept. 24.

The last time this happened after a parabolic run was just before the bear market of 2018 and any person with a substantial position in Bitcoin would have have been aware of this.

It's worth noting that Bitcoin has broken support nearly every day week however, the last 2 days Bitcoin has been rejected.

If Bitcoin fails to bounce before the close of the weekly candle, it can be surmised that that the medium-term future will not be good for Bitcoin and you can forget about seeing a new yearly high or an all-time high in 2019.Bitcoin's weekly outlookUsing the holy trinity of indicators on the daily chart, one can start to gain a better view of what the week ahead might hold.

The support on the weekly is around $7,600 and a move below here could signal that Bitcoin is primed for another bear cycle.

The indicator provides little insight on what to expect next but it's clear that Bitcoin price has been moving down from overbought territory since May. As mentioned last week, continuance along this path could lead to new lows throughout the remainder of the year.

Whether or not this will lead to an impact on Bitcoin price remains to be seen it could be possible that last week's sell-off was influenced by the approaching holiday.

Bullish scenarioIf Bitcoin continues to fend off the support at $7,600 traders can expect to see the price play between the support and MA of $9,630.

Bearish scenarioThe writing is on the wall if Bitcoin drops below $7,600 and this would officially confirm a bear cycle.

If the price falls below this point, it's safe to say Bitcoin is back in a bear market as the next support is at $2,500 according to the monthly BB.With the RSI sitting at 60 and heading south, it's not an unlikely scenario.