Bitcoin’s pullback is expected to find support near $79,000, but every recovery attempt is likely to be sold into.
Key points:
Bitcoin (BTC) extended its pullback on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term.
Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the previous bear market, and when it did, a new bull market started. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle.
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