The post Bitcoin (BTC) pull-back taking place – long term bullish appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) looks to have reached a top for now, of what is a truly massive rally – A 30%, $13,700 revival has now paused as Bitcoin bulls draw breath, ready for the next leg up. A short term reversal could take place now, but the next stage of the bull market could soon be upon us. The Bitcoin bulls have completely obliterated the bears since the ‘yen carry trade’ sell-off last weekend. Now well in charge, the bulls are still in the midst of pushing the $BTC price back to the top of the bull flag channel. A short term reversal  Source: TradingView Although looking to completely break this latest downward trend, the $BTC price could continue to reverse here. The bulls will be hoping to see a higher low, from where the price can bounce back towards the top of the channel. Having climbed to around $62,700 on Thursday, the CME gap at $63,000 was almost closed. It might now be expected that $BTC at least returns to the support at $61,000, or perhaps more likely to the support at $57,000.  Intense buying pressure Source: TradingView Looking out into the 2-week chart, the entirety of this bull market, plus part of the previous one can be observed. In no place in this chart can a longer downward price wick be seen, than the one for this current two-week period.  This is signalling intense buying pressure that has sent the $BTC price rocketing 30% over just the last few days. That said, it is still only Friday, and the weekend is yet to come. The close on Sunday should give a good indication of just how powerful an impact this candle will have on the next few weeks of price action. If the two-week candle can close around this level,…

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Filed under: News - @ August 10, 2024 5:08 am