Traders say Bitcoin price correction a ‘fake out’ before the next leg up
Bitcoin price reversed course with a surprise 5% correction over the past few days, but analysts say it is a healthy pullback.
Bitcoin (BTC) price is down by 2.5% today, surprising traders who were certain that new all-time highs were in the cards after the cryptocurrency’s early week rally to $72,000.
Data from Cointelegraph Markets Pro and TradingView showed that leveraged long traders were caught off guard as BTC price suddenly dropped from a high of $71,980 on May 21 to an intra-day low of $67,550 on May 23.
“Bitcoin is still following a similar path to 2016-2017,” said independent analyst Jelle, reacting to what has become a familiar pattern for BTC in previous cycles.
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Author: Nancy Lubale
