Hello dear friends and readers, back to you all hoping you are well, this time I will be sharing some insights on the current pullback that the Bitcoin price action presented at the start of this weekend.
I should point out that at the time of writing the Bitcoin price action was hovering above $19,800 according to data reported by the CoinGecko platform, and while for the bearish the price should have fallen further for the bulls the pullback is quite a headache as the price is unable to stay above the $20,000 support.
Now, although this weekend pullback has made us lose again the $20,000 support, it can also be a signal or entry or rather the pullback can be a good time to accumulate, this if we take into account that there are arguments of cryptocurrency experts who claim that the best time to make purchases is coming.
The truth is that, after a brief rally during the first few days of the week that took the Bitcoin price above $20,000, more however, in the early hours of the day on Saturday the price action fell back below this important psychological level, which triggered a series of losses and new fears among less experienced investors.
In this sense, even though the bulls are optimistic, it is also true that the fear factor or index has reappeared at an extreme level for the cryptocurrency market, remember that at the beginning of September, this index had decreased, registering more positive ranges.
SOURCES CONSULTED
CointeleGraph. Bitcoin erases latest gains with BTC price back below $20K as dollar spikes. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Iproup
