By Bitcoin is witnessing a pullback after weeks of positive action. The digital cryptocurrency is currently priced at $9,760 on Coinbase, down more than 7 percent from the recent high of $10,522.
1-week chart
Bitcoin produced a solid green candle in the first week of January and since then has rallied sharply.
At the multi-month high of $10,522, the cryptocurrency was up 46% on a year-to-date basis.
Assets usually see pullbacks after such strong rallies due to profit taking. Hence, market analyst and trader Josh Rager is right in asking his 65.4K Twitter followers to stay encouraged with any pullbacks.
The current dip could be an opportunity for investors who missed the initial rally to board the freight train.
A strong recovery would only solidify the overall bullish bias, setting the stage for a potential break above the recent high of $10,522.
However, if the buyers repeatedly fail to push the cryptocurrency back above $10,000, we would be left with no option but to question the overall bullish tone and consider prospects of a deeper slide all the way back to $9,000.