- Bitcoin is under serious revision right now, which has resulted in its price taking some significant losses in the past few days
- The cryptocurrency is now just a hair above $ 30,000 and bulls scramble to support it above that level as bears take control
- Where this plays out in the medium term will no doubt depend largely on whether or not $ 30,000 is used as support
- Any major disruption below that level could be all it takes for crypto to surrender to its recent lows below $ 29,000
- Believing this type of pullback to be standard in a bull market, one analyst notes that if history rhymes, BTC could see a parabolic move upward after that slump
Bitcoin has seen immense turmoil recently and the bulls have been unable to gain serious control over their price movements as the bears continue to weaken with each move.
BTC surged to highs of nearly $ 35,000 a few days ago before a massive influx of selling pressure tumbled the crypto down.
A trader now points to price action on previous rallies and notes that Bitcoin has historically seen large retreats during its uptrends, which are usually cleared the following month.
Bitcoin is sinking as bulls fail to absorb selling pressure
Bitcoin’s price has felt quite high over the past few days and weeks, with all buying pressure absorbed by sellers and any decline met with poor response.
At the time of writing, BTC is trading 7% at its current price of $ 30,290. This is a massive drop from recent highs of nearly $ 35,000 a few days ago.
As long as BTC holds $ 30,000, another uptrend could be expected, but the lack of a V-shaped rebound could be a dire sign.
Analyst: BTC pullbacks are expected, uptrend remains intact
An analyst recently stated in a tweet that pullbacks like the one Bitcoin is currently seeing are expected and could ultimately be followed by a move to new highs.
“We’re on or around the bottom at $ BTC and the past few weeks have been a great opportunity to accumulate over alts. In 2017 there were 6 corrections of more than 20-30%. This is the first of these bull runs. Institutions are here and many more are coming. 60k + soon. “
Image Courtesy of Pentoshi. Source: BTCUSD on TradingView.
Unless this pullback goes much deeper and puts Bitcoin into a correction phase, there is a good chance it won’t last too long.
Featured image from Unsplash. Charts from TradingView.