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<\/p>\nBitcoin’s efforts to recover from its two-week price dip fell short as it closed towards a psychological pullback junction.<\/p>\n
The benchmark cryptocurrency pared its earlier gains above $34,000, falling by as much as 6.83 percent to trade at an intraday low of $31,990. It has added over 18 percent to its valuation following a dip below $30,500 in the previous sessions. But a higher selling pressure in the $34,000-36,000 area limited the upsides, leaving the price in a choppy range.<\/p>\n
So it appears, Bitcoin started forming a series of lower highs after it established a record peak near $42,000 on January 8. Meanwhile, a stronger buying sentiment in the $30,000-31,000 range served as support. The overall trading range appeared like Descending Triangle, a bearish reversal\/continuation pattern regarded by professional traders.<\/p>\n
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At Friday midnight, Bitcoin retested the Triangle’s upper trendline for a breakout but failed. A pullback ensued, and the price fell back\u2014apprehensively\u2014to retest the channel’s lower trendline. The chances of it happening increased further as CryptoQuant CEO Ki-Young Ju revealed an on-chain bearish signal.<\/p>\n
The blockchain analyst noted a spike in the so-called Exchange Whale Ratio, representing the top 10 bitcoin transactions divided by total inflows. If the ratio stays below 85 percent, it signals a bull market. Conversely, a reading above 85 percent warns about a bearish assault.<\/p>\n
On Friday, the Exchange Whale Ratio reached its eight-month high, leading Mr. Ju to say that “BTC<\/span> might have a large red candle if the price drops.” <\/span><\/p>\n\n
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