RATE Group | Why BTC/USD Pullback Is Necessary The For Rally Eyeing $11,000?
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Why BTC/USD Pullback Is Necessary The For Rally Eyeing $11,000?

10 Feb Why BTC/USD Pullback Is Necessary The For Rally Eyeing $11,000?

Posted at 06:10h in Bitcoin News by

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  • Bitcoin revives the uptrend teasing further action towards $11,000.
  • Price pullbacks become a part of Bitcoin’s recovery tactic in 2020.

Bitcoin is majestically trading above the critical $10,000 level following what has come to be known as a successful weekend session. A slight dip on Friday saw Bitcoin test $9,700 support. However, a reversal from the support had eyes on $10,000. The price action exceeded the crypto community’s expectations when Bitcoin not only climbed above $10,000 but also formed new 2020 highs at $10,195.

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The trading action in the past few weeks has been such a way that Bitcoin rises to a new yearly high, pulls back down and breakouts forming another high. The trend is also opening the eyes of the traders who now prefer to buy during the pullbacks.

At the moment, Bitcoin is trading at $10,061 (on Coinbase). The price is in a bullish phase and short term to medium term analysis shows that the bulls could remain relatively in…

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