Bitcoin experiences significant pullback
Bitcoin’s price plummeted from a recent high of $44,700 to $40,200 over the past three days. Monday saw the largest drop, with BTC experiencing an 8% dive. While a 10% drop is not alarming for bitcoin, this sudden loss in just one day may have made some holders anxious.
Possible recovery in progress
There is hope for a potential rebound as bitcoin’s price recovered 2.5% by the end of Monday and has seen an additional 1.5% increase on Tuesday. The chart shows an M top pattern, but the fact that BTC is consolidating above the 0.382 fibonacci level on the daily timeframe is a positive sign. A bounce from this level, rather than the 0.618 level, would be bullish.
Source: Trading View
$BTC’s trend line remains unbroken
Resistance is strong between $42,000 and $43,000, leading to a rejection at this level. However, the trend line from mid-October provided support during the recent drop, suggesting that bitcoin may resume its journey towards the crucial $48,000 price point.
Source: Trading View
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