Bitcoin price sees pullback, but bulls still marching toward $20K

[Dociko]

Bitcoin’s price saw a 4% drop in the last 24 hours, but it’s unlikely to see a correction like in previous cycles for three reasons. The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally. The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.

But after a large uptrend, the belief that BTC may pull back has begun to increase. While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely. Bitcoin was at $13,860 at the day’s peak, which marked the top of the July 2019 rally. After hitting such a resistance area, a minor pullback is expected. Following a drop to below $13,000, BTC has quickly recovered to $13,150, demonstrating resilience.
Details: https://cointelegraph.com/news/bitcoin-price-sees-pullback-but-bulls-still-marching-toward-20k