The presage of a pullback seems to be materializing for Bitcoin. Earlier this week, analysts expected some price correction before a potential surge of BTC towards the $50K.
showed BTC/USD abruptly spiking down by $1,000 in minutes on Bitstamp after March 31's Wall Street open.
The pair had ranged after failing to cement $48,000 as support earlier in the week, amid calls for a retest of lower levels as a necessary step after considerable gains. At the time of writing, Bitcoin circled $46,700, having hit its lowest levels since the night of March 27. A look at the CME futures chart showed that short-term price performance could have a downside target in the form of the"gap" left over from last weekend.The resulting"gap" could very well get"filled" based on historical precedent, meaning that Bitcoin would be in for a further $2,000 dip.Popular Twitter account @CivEkonom, nonetheless, noted that a"stealthy" previous gap from last year between $52,000 and $54,000 also remained open.
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