The post How Bitcoin’s pullback to $60K will help PEPE appeared on BitcoinEthereumNews.com.

BTC has a silver lining; the sharper pullback may have flushed out weak hands.  Meanwhile, PEPE could still steal the spotlight. This month, Bitcoin [BTC] has twice tried to break past the $65K resistance, with both attempts followed by sharp pullbacks. The latest drop, which drove BTC down to $58K – its lowest in over two weeks – has raised concerns about a deeper correction. Trading at $62,662 at press time, AMBCrypto warns that if a similar pattern holds, Bitcoin may face further downside pressure. However, there’s a silver lining. The sharper pullback may have flushed out weak hands, potentially sparking renewed interest from stronger buyers. This cleansing effect often leads to fresh accumulation, setting the stage for a rebound.While Bitcoin has struggled, memecoins like PEPE have seen a resurgence. PEPE has risen over 5% in a week. Typically, memecoins thrive during periods of market uncertainty as traders seek high-risk, high-reward opportunities. But PEPE’s performance may still be tied to Bitcoin’s price action. BTC is showing short-term potential Currently, it looks like BTC is heading toward a short-term correction, with longs regaining control in the market. This scenario sets up an ideal short-squeeze condition, where short sellers are forced to buy back BTC, driving the value of each token higher. However, this doesn’t guarantee a rebound strong enough to position BTC for a bull run to $70K.  Over the past week, long-term holders have moved less than average, while sellers holding BTC for less than 155 days have started to sell off their holdings, as indicated by the green wig. Source: BGeometrics In the context of a bull market, increased selling often signals a potential market top. As more investors take profits, concerns grow about a deeper pullback that could push BTC back below $60K.  Conversely, if $62K proves to…

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Filed under: News - @ October 13, 2024 2:18 pm