Multiple pundits warned that Bitcoin isn’t at home when it comes to recent gains. This was despite the week’s first major correction.
Bitcoin (BTC), which had just won $2,500, gave back $2,500 during February 8, as a long-awaited correction took center-stage.
Hopes for $42,000 are preserved
Data from TradingView and Cointelegraph Markets Pro followed Bitcoin/USD as it drew near $43,000, after having previously reached new multi-week highs at $45,500.
The Wall Street opened as normal, and the market remained open. Bulls looked for support levels in case of further losses.
These had previously included $40,000 and $41,000 as well as several zones within the upper $30,000-$40,000 range.
Popular Twitter trader Muro however needed $42,000 to be considered a floor for intermediate bullish sentiment.
He stated that either we do not see any significant pullback or go to 51 the next.”
“Or, I wouldn’t be surprised to see this retrace fully. As long as 42 holds are held, I’m slightly bullish.
The accompanying chart indicated that investors would be likely to buy back into the $38,000 area, but this would not necessarily be favorable to market strength.
Michael van de Poppe, a Cointelegraph contributor, said that Bitcoin is facing “crucial” resistance.
He warned his Twitter followers that he assumed they wouldn’t break in one piece and would need to correct it -> making altcoins worse.”
As Wall Street trading has failed to bring new upside, $43,000 was experiencing repeated retests at the time of writing.
400 days of consolidation and counting
The classic zooming out style was calmer. They attributed the current price action to a consolidation phase that has been in place for over 400 days.
Related: Bitcoin price drops to $43K — 5 Things to Watch in Bitcoin This Week
“I believe that Bitcoin has been in bull market since it was first launched and has been consolidating sideways for over a year. It has not been a bear market, as I believe, it is all consolidation, as you can see below,” Miles Johal, a market commentator, wrote alongside a chart that shows the structure.
“When the range breaks the next move will likely be huge. This is Bitcoin, after all.
