By Bitcoin’s price pullbacks are the part and parcel of bull market and should be expected, popular market analyst Josh Rager tweeted on Sunday.
Rager shared his take on the cryptocurrency after prices fell sharply from $9,200 to $8,460, forcing traders to reassess the broader market trend.
“The important thing to keep an eye on is the market structure and the trend change,” Rager noted, while adding that the pullback could be reversed from lows near $8,000.
So far today, bitcoin has managed to restrict losses near $8,460. At the time of writing, bitcoin is trading near $8,570 across major exchanges.
Rager things the overall trend will remain bullish as long prices are holding above $7,700. That level is housing a higher low created on Jan. 10.