Bitcoin 'chop' costs bulls big as BTC falls back to $29,000.
The pair had delivered daily gains, but the approach to $32,000 changed the mood and Bitcoin gave back almost $2,500 in a matter of hours.
A classic “Bart Simpson” structure thus formed on hourly timeframes as frustrated traders came to terms with the existing paradigm remaining unchallenged. “Standard price action again on Bitcoin in which all the lows are swept,” Cointelegraph contributor Michaël van de Poppe“If we hold around $29K, still presumably enough reason to go for a slight run. .”In addition to the CME futures gap providing a potential target at levels seen before the gains, on-chain analytics resource Material Indicators noted significant buyinterest already lined up at those levels.
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