At the time of writing this post the Bitcoin price action was at $68,205, which represents a weak recovery compared to what we have seen in previous weeks, however Bitcoin bullish traders remain confident despite the lows and weak price action.
One of the situations that could be observed is the constant selling pressures that have been running the last three days that have undoubtedly affected Bitcoin's price action and favored the bearish with the current price correction.
Let's not forget that the leading cryptocurrency by market capitalization "After reaching new all-time highs during the week, Bitcoin faced considerable selling pressure, with a series of lower lows accompanied by failed bounces"
It is worth noting that according to popular trader Skew, "The latest Bitcoin bull market correction totaled about 12%, and previous cycles experienced considerably deeper pullbacks while still preserving the broader uptrend."
In this regard, "Countering the bearish streak could be the task of the CME Group's Bitcoin futures market gap, which is widening rapidly after the weekend's decline"
SOURCES CONSULTED
Cointelegraph. Bitcoin traders eye $60K BTC price support as ‘huge’ futures gap opens. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
