Despite the aggressive push by the bulls, Bitcoin price could no longer sustain gains beyond its 12-month high of $31,428.
According to analysts at Rekt Capital, “When a BTC correction ends so convincingly… It’s highly unlikely another deep correction will occur right after.
Any downside would likely be dips as part of new uptrend continuation.”
Bitcoin price is currently fighting for support at $30,000 following the pullback from $31,428.
It is plausible that this correction is part of the larger uptrend brought about by last the improved market structure, according to CoinMarketCap news website.
In the same way, as the Rekt Capital analyst says, BTC may be circling back to either $30,000 or $29,000 to allow more buyers to join the market and capitalize on the anticipated move to $38,000.