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Analysts’ Top Cautions Regarding BTC Pullback Ahead
In a fascinating turn of events, amid Bitcoin’s recent bullish momentum, a renowned crypto market analyst has turned to X, warning against an upcoming BTC price pullback. John Bollinger, a well-known analyst and inventor of the Bollinger Bands technical analysis tool, made a bold observation, proclaiming that a pullback in the price of BTC is coming, attributing it to a bearish pattern in the Bollinger Bands tool.
John Bollinger’s statement immediately gained significant traction around the world. cryptography market, coinciding with a drop in the price of BTC in the last 24 hours. Let’s delve deeper into analyst insights and current BTC price movements.
John Bollinger says pullback won’t be long-term
In Bollinger’s post on X, the analyst emphasizes the formation of a two-bar reversal at the top of the Bollinger Band on the BTC/USD chart.
For context, Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two outer bands. Bollinger pointed out a bearish pattern forming in the upper band, suggesting a potential price consolidation or pullback.
However, the analyst added: “It’s not a downtrend here, just a short-term concern,” suggesting that the pullback or sideways trading could be short-lived. Overall, Bollinger’s observations on BTC’s price movements projected a ray of optimism about the token’s long-term price movements.
A consolidation in BTC’s price trajectory would mean trading within a tight range in the future. On the other hand, a pullback in prices often results in a drop of approximately 5%. Notably, it is important to note that coupled with analyst observations on BTC price movements, the token’s price action has actually declined.
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BTC price drops
At the time of writing, Bitcoin Price The chart illustrated a 1.75% drop in the last 24 hours and is currently trading at $69,645. The 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.
Coinglass data highlighted a 2.17% drop in BTC Futures and Options OI to $34.89 billion, followed by a 42.19% drop in derivatives volume to $56.42 billion . This data, in line with the drop in the price of BTC, highlighted a reduced market appeal among investors for Bitcoin, potentially leading to greater volatility.
However, the RSI hovered at 61, signaling that broader technical data paints a bullish picture for BTC. This could further align with analysts’ observations, which state that a pullback is only for the short term, with the long-term outlook being optimistic after the halving.
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