As BTC approaches monthly close, traders’ intuition about Bitcoin’s direction may be wrong

A closely followed anonymous trader and crypto analyst says traders’ knee-jerk reaction to Bitcoin’s recent price action may be misguided as the cryptocurrency approaches its monthly close.
Donat tweeted that the current pessimism about BTC appears to be unfounded.
“It’s very, very strange to see sentiment so bearish, with neutral or negative financing above $10,000. I don’t think I can remember this happening before.”
The trader explained that BTC’s recent pullback is actually a strong bullish signal.
“BTC per month:
Right now this looks like a simple test of support, which is generally bullish as long as we don’t break down in the next few days.”

Source: DonAlt/Twitter

The trader also highlighted that the top cryptocurrency has been outperforming traditional assets such as the S&P 500 and gold.
The S&P 500 and gold rebounded slightly, British Tobacco rebounded significantly. Tells you where the edge is (it was obvious before the crash, so my BTC will outperform the comments)

Source: DonAlt/Twitter

The crypto analyst is also keeping a close eye on Ethereum (ETH). He said that despite the second-largest cryptocurrency’s recent major technical glitches, its resilience over the past few days makes it harder to guess where it is headed in the shorter term.
“Really surprised at the strength of ETH. I expected the downtrend to be over but it didn’t completely break down and found buyers quickly. This is either a retest of the neckline or the whole move down is a complete correction.”

Source: DonAlt/Twitter