Key On-Chain Analysis Suggests Bitcoin Could Retrace After 50% Surge

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Bitcoin has once again begun to thrust higher despite uncertainty in traditional markets. The coin currently trades for $16,450 as of this article’s writing. Analysts fear that a retracement is likely as on-chain trends and technical trends seem to have begun to favor bears. Bitcoin Could Retrace Soon, Analysts Say Bitcoin has once again begun to thrust higher despite uncertainty in traditional markets. After a day of 1% losses for leading U.S. stock indices, Bitcoin pushed past $16,000 for the first time since early 2018. The coin currently trades for $16,450, a year-to-date and multi-year high. Bitcoin closed its daily candle above a key technical level in the low-$16,000s in a win for the bull case. Analysts have begun to expect a retracement, though. Despite consistent closes above key support levels, there are expectations of a retracement lower as certain on-chain trends and technical trends seem primed to drive the…

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