Let’s be honest, unless you’re short, yesterday was catastrophic. Bitcoin was just shy of breaking $ 7,500 and taking the rally up another leg then unexpectedly plunged 13% and now we’re below $ 7k, again…
Bitcoin Price Market Overview
Prior to the dump, Bitcoin price BTC/USD 00 was experiencing continued rejections as it approached $ 7,400 but who would have known the pullback would be this severe?
Ideally, after a 27%+ run, consistent rejections signal that bulls are running out of steam and a pullback to say $ 7,300 – $ 7,100 would be sensible as lower highs and rejections function as a profit taking signal for some.