Bitcoin price has fallen by 9% 😱, equivalent to about $9,000 💸, after approaching the $100,000 price level 💰. Now it seems that this decline is over 🔚, and it seems that the Bitcoin bulls are taking over again 🔥. Could this comeback achieve a new record high? 📈🌟
This latest pullback only took four days 🗓️, but it managed to take the price down more than $9,000 from the high 📉. With Bitcoin climbing towards the magical $100,000 ✨, it may take more than one attempt to break this level 🏆. Additionally, volatility is likely to be high ⚡.
Are long-term Bitcoin holders selling or technical signals responsible for the pullback? 🤔
As Bitcoin starts to trend higher again 🔝, many on social media are blaming long-term Bitcoin holders for this recent pullback 📉. This may be partially true ✅, but from a technical perspective 📊, indicators were suggesting that it was time for a pullback ⏳. Long-term Bitcoin holders selling at this peak may explain how Bitcoin has fallen this far ⬇️.
Source: TradingView 📊
The 8-hour charts ⏰ show Bitcoin price pulling back from that high near $100,000 🌕. The price dropping to the lower 0.786 Fibonacci retracement level suggests that this was a good correction 👍, and one that the market probably desperately needed 💪.
What also acted as support was the 50-day simple moving average (blue line) 🔵, and the fact that all momentum indicators on the short-term time frame have bottomed out and are now starting to rise again 📈.
Optimistic on the monthly time frame 📅
Source: TradingView 📊
Looking at the monthly time frame 🌍, things are looking very bullish for Bitcoin 😊. However, the price stopped short of the 1.618 Fibonacci level 🚧, and this is expected to be a difficult level for bulls to break 🐂💥, as it coincides with the rising line of the double top in the last bull market 📈.
Looking down at the chart 📉, the Stochastic RSI shows a bullish crossover of the fast (blue) line 🔵 above the slow (red) line 🔴, indicating bullish momentum that could continue for the next several months 🌟. Also, at the bottom of the chart, the Relative Strength Index shows that the indicator line is crossing the declining line that started in 2021 📅 - another positive sign 👍.
Another rejection of the $100,000 level 🚫 may occur, but overall, when looking at the first half of 2025 📅, and the final phase of the bull market 📈, the $155,000 level at the 2.618 Fibonacci is definitely a suggestion worth considering 💡.
Disclaimer: This article is provided for informational purposes only 📜. It is not provided or intended to be used as legal, tax, investment, financial, or other advice ⚖️💼.
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