Bears have the chance to show their strength and push the bulls off the cliff to $4800 levels. If bears fail, then this is very bullish and will likely send prices past $7600 and start the bull run. Either could play out in the short term.
My personal take is that the economy of which bitcoin is closely tied with is not doing so hot right now. The USA is the largest economy and it's in big trouble with the virus. So ya I'm bearish, but don't trade off this. I'm pretty high.