Bitcoin price is pulling back from highs set earlier this week and fear is already setting in over another potential drop. Although the top cryptocurrency is bullish according to most technicals and fundamentals, last night’s daily close left a bearish signal on the BTCUSD price chart that could suggest the fear is warranted. If the bearish candlestick signal is valid and confirms, a sharp pullback could reset the recent rally almost completely. Here is a closer look at the potential “gravestone doji” and why it could put the nail in the coffin on the latest push by crypto bulls. Bearish Candlestick Could Mean Highs Out For Bull Rally The fact that crypto has taken center stage in Washington is doing more to legitimize the asset class than any situation before it. Institutions that weren’t paying attention before now cannot deny its existence and staying power. Beyond the world of politics, Bitcoin holders are climbing in numbers and the network is recovering from the hash crash and related China mining ban. A generational buy signal has returned. Technicals across the board are mostly bullish, but last night’s daily close could be a prelude to a cleansing in the market. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Although Bitcoin is bullish even on daily timeframes, the cryptocurrency could turn down again to retest support lower. How low things go...
