As was somewhat to be expected, all of the cryptocurrency markets have turned incredibly bearish again. This is primarily because the Bitcoin price is plummeting all of a sudden with no real improvement in sight. The hourly charts look very bearish, thus it seems likely the $4,750 level will not remain in place for very long, assuming this trend continues.
It was somewhat to be expected Bitcoin would not rally for very long until things got dire again. Any market needs a correction after sustaining either strong gains or severe losses. For the time being, Bitcoin is still up by over 19% in the past seven days, although there are notable losses to take note of. It may be a prelude of what is yet to come, although predicting this market will always be challenging.