Bitcoin (BTC), which saw a much anticipated pullback on October 13, as bulls struggled to match February’s old all time highs.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Naysts are not fazed at the price pullback of BTC
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD reversed from its five-month highs and briefly wicked below $54,000 on Bitstamp.
The pair recovered to $55,000 on Wednesday, but it looked confused and unsure of their direction in the near term.
Analysts were not surprised by the movements. Analysts had positioned $58,000 as tricky resistance. This was unlikely to be broken all at once. However, many were also looking for a “buy-the-dip” opportunity at $53,000 and below.
Rekt Capital analyst and trader Rekt Capital stated, “This BTC pullback does not worry me at all.”
He said that such a consolidation and retest was necessary for Bitcoin to cement support and continue towards extant all time highs.
Pentoshi, a popular trader, shared a similar opinion and suggested that Bitcoin’s next low could be the result of the pullback.
He concluded Tuesday’s Twitter comments with “Clear invalidation”
It is a pleasant surprise to find out that there is no euphoria.
Cointelegraph reported that Bitcoin has maintained a low profile, despite being within 15% of all time highs.
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Google Trends data indicates a relative lack of interest in Q4 Bitcoin highs, compared to earlier in the year.
While there are signs of greed in the sentiment, it hasn’t reached the extremes that have been associated with macro and local price tops.
Charles Edwards, the founder of Capriole asset manager, was this week surprised at the lack of euphoria.
“Just like October 2020.”
Global Google search data for “Bitcoin” Source: Google Trends