LIVEAs expected, the last pullback could be attributed to the increasing FUD at the higher price levels. However, the questions that need to be asked are whether BTC would be able to recover? and whether we could see more of such flash dumps in the near future while BTC attempts to make new ATH?
The recovery I believe has already begun and if BTC crossed above 71k, it would be a good sign of bullish sentiment. For now, we have seen 69200 confirmed as a good support, which has given a push above 69500.
As far as such flash dumps occuring in future is concerned, their liklihood cannot be denied. FUD increases as BTC starts trading over 71-72k, it puts traders in a difficult position where they are afraid that if they buy BTC at such high levels there is a chance that their capital could be stuck for years until they are able to sell it in profit.
Having said that, the more attempts we make at the higher levels, the more confidence it will give to the buyers to purchase. Right now we have somewhat of a balance of FUD vs FOMO at 69-71k. Once FOMO takes over, prices would be pushed higher and higher, then we will more likely see flash pumps.
This is not an investment advice, you should rely on your own research while investing. I take no responsibility of loss incurred to the readers.
