Bitcoin - Bears are here.
Bitcoin is showing the rising wedge pattern.
After weeks of extreme greed, combined with the halving event and the approval of the Bitcoin ETF stop, the market finds itself for the first time in this rally at its all-time high; showing what appears to be a rising wedge pattern, which signifies strong selling pressure.
To complement this chart, derivatives data shows the most traded price target at 44,000 BTC per dollar according to Binance Options. This drop was to be expected, and since this correction is just what the price needs to continue rising further.
Last week, we saw Michael Saylor's true thoughts on the current price, after seeing a slight pullback in the market, he has sold bitcoin worth over $500 million just weeks after showing himself to be "optimistic" about the price.
For now, it's a great time to take profits and switch to bear mode.
After this correction, let's hope to finally see the long-awaited "Altcoin season" this year.
After weeks of extreme greed, combined with the halving event and the approval of the Bitcoin ETF stop, the market finds itself for the first time in this rally at its all-time high; showing what appears to be a rising wedge pattern, which signifies strong selling pressure.
To complement this chart, derivatives data shows the most traded price target at 44,000 BTC per dollar according to Binance Options. This drop was to be expected, and since this correction is just what the price needs to continue rising further.
Last week, we saw Michael Saylor's true thoughts on the current price, after seeing a slight pullback in the market, he has sold bitcoin worth over $500 million just weeks after showing himself to be "optimistic" about the price.
For now, it's a great time to take profits and switch to bear mode.
After this correction, let's hope to finally see the long-awaited "Altcoin season" this year.