Bitcoin is traded over $ 9,100 – almost 3.5 percent more in a 24-hour timeframe as BTC tries to make up for its recent losses.The benchmark cryptocurrency closed the previous week with losses of almost 10 percent. The downward move appeared a short-term resistance mark after BTC failed to break the USD 10,000 uptrend.The price finally plummeted towards $ 8,700 earlier in the week after rebounding above the $ 9,100 mark.Bitcoin’s price action suggests a distortion conflict among traders. Your buying sentiment appears to be weakening near local highs above $ 9,500.At the same time, they defended Bitcoin’s support levels around $ 8,700, creating a modest broad consolidation range with no preference for the next direction.This prompts analysts to look for clues in the old fractals. A combination of at least three key technical and fundamental factors predicts that the next step will be extremely bearish, with downside targets lurking below the $ 6,000 range.
Historic Bitcoin price corrections of 30-40%
The first reason Bitcoin risks falling below $ 7,000 is its historical response to parabolic bull cycles.Prominent analyst Josh Rager points to a fractal in 2019 when the cryptocurrency was on its way to a wildly upward rally to break the $ 14,000 mark.Rager commented that Bitcoin typically experienced an average 30-40 percent retreat after its price explosions, and mentioned eight such movements in the eleven-year lifespan of the cryptocurrency.