Alert and nervousness among bullish traders as Bitcoin price action declines

lupafilotaxia (74)in Project HOPE • 24 days ago

The last 24 hours have meant a series of pullbacks for the price action of Bitcoin, the leading cryptocurrency by market capitalization, in a scenario where the Whales are "pushing" the price of Bitcoin below $69,000, which has sparked a series of speculation and fear among bullish traders.

It has been noted that, "Bitcoin remained indecisive after Wall Street opened on April 9 amid a warning that macroeconomic data could trigger a further drop in the BTC price."

On the other hand it has been speculated that the pullback we have seen is part of the advance movement ahead of the release of the U.S. Consumer Price Index (CPI) data scheduled for this Wednesday, April 10, no doubt that this data will be determinant for the price action projection primarily for risk assets.

In this regard, "If Wednesday's core inflation numbers are high, they will likely be able to extend the bearish move. However, what often happens in these scenarios is that the whales crave the downside and exploit the bullish liquidity gap they just created for a relatively quick ascent."

According to popular trader Rekt Capital while examining the weekly chart, "Bitcoin sits between the old all-time highs of USD 69,000 (support) and the two-week high of USD 7,1300 (resistance). There is room for consolidation here going forward."