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Bitcoin rally is losing steam: ‘Could easily retrace to $6000’

Following a rally of days, Bitcoin seems to be slowing down today. Traders think a pullback might be ahead for BTC.

Bitcoin has seen a crazy few days in the market, climbing all the way up to $7500 in a parabolic move. Now, BTC is trading just above $7000, after dropping about 5% in the last 24 hours. Bitcoin’s rally seems to have lost some steam, and traders think we might be seeing a bigger drop in the short term future.

BTC/USD Chart provided by Tradingview

According to popular Tradingview trader botje11, there are two important levels to watch now: $7000, and even more important, $6700. ‘7000ish is an important level now, but the biggest one will be around $6700. This level should hold in my opinion.’

With Bitcoin now trading around $7000, the trader thinks ‘we are not done yet’. In the meantime: ‘most alts have dumped again, almost being back to their starting points of yesterday. This is still a bad sign in general. Means the sentiment is not being carried through out the whole market. Think until this changes, the bear market is not over yet.’

BTC/USD Chart provided by Tradingview

The Crypto Dog, a trader active on Twitter, isn’t that bearish on altcoins, and thinks they will follow the moves of Bitcoin in the upcoming week. ‘There are a million and one reasons for alts to pump this week. I will be incredibly surprised if they don’t.’

 

Another popular Tradingview trader, MagicPoopCannon, thinks ‘we could easily see Bitcoin retrace to the $6000 range’. ‘However, the most critical retracement levels remain below the 6000 handle. So, I think there is a high probability that we could retrace back below 6000, to test those critical retracements.’ Now Bitcoin has not closed the day above $7400, ‘more downside will come in the coming days, and possibly the beginning of a correction.’

Source.chepicap

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