Here’s Why Bitcoin’s Recent $1,000 Drawdown Isn’t Entirely Bearish

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Bitcoin has undergone a strong rejection over the past two days. The coin dropped from the $11,200 highs it was trading at just days ago to a recent low around $10,200 on Coinbase. BTC now trades for $10,450, having slightly bounced in tandem with other legacy markets. Bitcoin’s Monday drawdown came as the S&P 500 fell over 2.5% during the session lows and as the U.S. dollar jumped. Despite uncertainity about BTC’s price action in the near term, one analyst believes that the long-term chart is bullish. One trader pointed out that since Bitcoin bounced cleanly off the low-$10,000s, the drop was just a bullish retest. The $10,000s have long acted as a crucial level for Bitcoin’s trend, marking the Bitcoin’s Recent Drop Wasn’t Entirely Bearish: Here’s Why Bitcoin has undergone a strong drop over the past 24 hours due to weakness in legacy markets. From last week’s highs, the…

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