Bitcoin Drop By 5%
Bitcoin recently surged to nearly $93,000 and has seen a slight pullback of 5.1% over the past few days. Currently, Bitcoin is down around 2.7%, and traders are questioning whether this is just a minor correction or the beginning of a deeper downturn.
This pullback aligns with patterns observed in past bull markets where Bitcoin hits resistance levels and retreats. For instance, Bitcoin recently encountered a 1.618 Fibonacci level, triggering a cool-off as traders expected resistance around that point.
Moreover, the Bitcoin Fear and Greed Index has entered extreme greed territory at 80, which often signals that a pullback may be due.
However, Warren Buffett once said, “Being fearful when others are greedy & being greedy when others are fearful.”