Bulls failed to hold Bitcoin price above $52,000, possibly marking the start of a short-term trend change in BTC and altcoins.
Bitcoin (BTC) has been trading sideways for the past few days, indicating a tough battle between the bulls and the bears. Will the sellers overpower the buyers and start a short-term correction, or could the buyers come out on top? That is the question on every crypto investor’s mind.
Dwindling hopes of an early rate cut by the Federal Reserve have resulted in profit booking in the S&P 500 Index. That could signal a risk-off sentiment in the near term, increasing the risk of a pullback in Bitcoin and select altcoins.
However, the dip may not change the long-term bullish view. Investors are likely to view every dip as a buying opportunity because of Bitcoin’s upcoming halving in April, which has historically been a bullish event.
