Bitcoin [BTC] Reverses at $8550, Rejects First Attempt at a Pullback: Analyst


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Bitcoin [BTC] Reverses at $8550, Rejects First Attempt at a Pullback: Analyst

Bitcoin [BTC] broke above $8700 on 26th May with a surprising bullish move. The parabolic rise of Bitcoin [BTC] recorded a 110%, after which, consolidation began near the $8000 level.

Bitcoin had started to built support at around $8000 levels. While Bitcoin’s momentum has been nothing but bullish since the past few weeks, a break above $8500 was unlikely.

Furthermore, the break-out has been supported by a further increase in demand as Bitcoin [BTC] has held the parabolic gains. Bitcoin has risen unprecedentedly without any significant pullback. It has only taken temporary stops to consolidate and then records another leg-up.

Also Read: Bitcoin [BTC] Price Analysis: Consolidation Above $8700 Continues; $9700 Bullish Target

Failed Pullback Price Action

Bitcoin price attempted a brief pullback attempt on 28th May 2019 as it fell by 2.38% on the four-hour chart to test $8550. However, the move was backed by instant buy volume as the market recovered above $8700.

The price of Bitcoin [BTC] at 16 Hours UTC is $8710. It is trading at par with yesterday’s price at this time.

BTCUSD
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

Mati Greenspan, Senior Market Analyst at eToro, tweeted about the pullback event on Bitcoin

“Failed Bart pattern. First attempt at a pullback was rejected. This market has no fear!!”

Bitcoin pullback analysis
Failed Pullback Attempt

Also Read: Bitcoin Bear Market Is Definitively Over, But Bart Simpsons Pattern Still Looms: Analyst

Furthermore, for any asset, even in a bull market, a pullback is necessary for its sustainable increase. It forms higher highs and higher lows. However, building lows is also essential to the rise as well.

Tone Vays, crypto-trader and chart analyst noted,

“if this bull run continues closer to the halving hype then there may not be a significant pullback and the halving hype can drive Bitcoin into yet another bubble.”

The traders are expecting a significant pullback in Bitcoin [BTC] anytime as the rise can lead to unstable economic impacts in and around the cryptocurrency markets. Nevertheless, Bitcoin has been relentless as it continues to hold its gains.

However, a break above $10000-$11000 is also on the cards with the new-found vigor with institutional and retail investors.

Do you think Bitcoin [BTC] will move past $10000 before a pullback? Please share your views with us. 

Summary
Bitcoin [BTC] Reverses at $8550, Rejects First Attempt At a Pullback: Analyst
Article Name
Bitcoin [BTC] Reverses at $8550, Rejects First Attempt At a Pullback: Analyst
Description
Bitcoin [BTC] broke above $8700 on 26th May with a surprising bullish move. While Bitcoin's momentum has been nothing but bullish since the past few weeks. A break above $8500 was unlikely as Bitcoin continued to consolidate around $8000 levels.
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CoinGape
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 535 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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