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Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

Published 01/16/2021, 04:30 PM
Updated 01/16/2021, 06:00 PM
Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum
BTC/USDT
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BTC/USD
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Bitcoin’s parabolic increase well above its previous all-time-high has many experiencing déjà vu from 2017 and a number of analysts are concerned the market is overdue for a sizable correction.

On Jan. 8 With Bitcoin (BTC) price reached a new all-time high at $41,940 and this week’s 28% collapse to $31,076 had professional and retail investors afraid that a strong trend reversal was in the making.

BTC/USDT 4-hour chart. Source: TradingView
Bitcoin risk based on current valuation levels. Source: Twitter
Bitcoin Golden Ratio Multiplier. Source: Twitter
Price vs. 30-day average sentiment score. Source: TheTIE

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