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Despite the fact that BTC/USD is only 15% off its all-time highs, no one appears to be interested in Bitcoin.
Bitcoin (BTC) experienced a much-anticipated pullback on Oct. 13 as bulls struggled to maintain their February all-time highs.
Analysts unfazed by BTC’s price pullback
Data from TradingView showed BTC/USD reversing from five-month highs to briefly wick below $54,000 on Bitstamp.
Following a brief recovery to around $55,000, the pair appeared choppy on Wednesday, with no clear direction in sight in the short term.
Analysts, on the other hand, saw little surprise in the moves. $58,000 was tipped as tricky resistance that was unlikely to be broken all at once, while a “buy the dip” opportunity at $53,000 or lower was also on many people’s radar.
“This BTC pullback doesn’t worry me at all,” trader and analyst Rekt Capital summarized.
He added that such a retest and consolidation was likely a required feature for Bitcoin to cement new support and continue toward extant all-time highs and beyond.
Of a similar opinion was popular trader Pentoshi, who hinted that the higher low, which could result from the pullback, may be Bitcoin’s last before an attack on higher levels.
“Clear invalidation if 48k lost,” he concluded in Twitter comments Tuesday.
Lack of euphoria is a “pleasant surprise”
As reported, Bitcoin has kept something of a low profile despite coming within 15% of all-time highs.
Google Trends data shows a comparative lack of interest in Q4 Bitcoin highs compared with earlier in the year.
Sentiment, while showing signs of greed, has not hit the extremes that traditionally characterize local and macro price tops.
“Pleasantly surprised by the lack of euphoria as we approach $60K Bitcoin,” Charles Edwards, founder of asset manager Capriole, reacted this week.
“Just like October 2020.”