The Bitcoin price reversed course with a surprise 5% correction over the past few days, but analysts say it is a healthy pullback.
The Bitcoin price is down by 2.5% on May 23, surprising traders who were certain that new all-time highs were in the cards after the cryptocurrency’s early week rally to $72,000.that the current BTC correction could be a “fake out,” a pattern it has displayed since bottoming out at $15,500. “Price consolidates inside a range for a few weeks or months, then it breaks down below the range, trapping all the bears, followed by a quick reclaim and another leg up.”Fellow analyst Matthew Hyland noted that the BTC price was close to retesting the demand zone between $64,000 and $67,000, representing the neckline of an inverse head-and-shoulders pattern.
“Bitcoin broke out above the H&S and closed a daily candle above it. A rest of the breakout at $67K is always possible. So, if it were to happen, do not be alarmed. The overall structure is bullish on a higher timeframe. Bitcoin tested the last resistance before all-time highs.”Popular analyst Wolf Of All Streets shared the following chart, saying bulls would want to see the $67,000 support area hold as support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Zeneca’s portfolio peaked at $20M — and he has ‘2021 vibes’ again: NFT Collector
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