Analysts unfazed by BTC price pullback
After recovering to around $55,000, the pair looked choppy on Wednesday with no clear direction apparent in the short term.
For analysts, however, there was little surprise in the moves. $58,000 had been tipped as tricky resistance which was unlikely to break all at once, while a “buy the dip” opportunity at $53,000 or below was also on the radar for many.
Of a similar opinion was popular trader Pentoshi, who hinted that the higher low which could result from the pullback may be Bitcoin’s last before an attack on higher levels.
“Clear invalidation if 48k lost,” he concluded in Twitter comments Tuesday.
Lack of euphoria is “pleasant surprise”
Sentiment, while showing signs of greed, has not hit the extremes that traditionally characterize local and macro price tops.
“Pleasantly suprised by the lack of euphoria as we approach $60K Bitcoin,” Charles Edwards, founder of asset manager Capriole, reacted this week.
“Just like October 2020.”