The post Attention Traders: After a Huge Rise, Bitcoin (BTC) Price Could Face a Matching Pullback Soon appeared first on Coinpedia Fintech News

Bitcoin secured new highs above $52,000 after withstanding some bearish pressure due to the fresh CPI rates. With this, the token managed to regain its trillion-dollar asset spot, which has made traders, bulls, whales, and institutions extremely bullish on the impending trend. Despite a slight drop in volume, the price maintains a healthy upswing, suggesting the BTC bull run could have begun. 

In the middle of bullish expectations, the bearish attempt to restrict the rally may not be ignored. Although the bearish strength may oscillate, it tends to extract profits at frequent intervals. A similar possibility has emerged at the moment where the price is close to undergoing a pullback as technicals are closer to flashing a ‘sell’ signal for the crypto. 

A well-known analyst, Ali, refers to the daily chart of Bitcoin to substantiate the bearish claim. The analyst considers the TD sequential indicator, which is used to identify trend exhaustion and price reversal. Currently, this indicator is flashing a sell signal on the daily chart, anticipating a correction in the coming times. 

“Warning! The TD Sequential presents a sell signal on Bitcoin daily chart, anticipating a one to four daily candlesticks correction. Note that the buy and sell signals this indicator has shown since December 2023 have all been validated,”

Presently, the Bitcoin price is in the middle of an upswing, which is largely anticipated to transform into a bull run soon. With this, the possibility of the price reaching above $53,000 may attract some bearish action. Here, the BTC price may undergo a minor retracement, which may be followed by a revival of the bullish trend.

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Filed under: Bitcoin - @ February 15, 2024 1:14 pm