June 19 (Cointime) - According to veteran crypto trader Tone Vays, Bitcoin is still in a bearish posture despite its recent bounce. Vays believes that the rally is not enough to initiate a new uptrend for BTC, as it looks bearish after retesting a key moving average on the daily chart as resistance.

For Vays to take the bullish case seriously, BTC must convincingly take out resistance levels at $27,000 and $28,000. The latest Bitcoin bounce will likely be short-lived unless it reclaims $27,000 as support.