A Pullback Is To Be Expected

After the euphoria of Bitcoin hitting new ATHs, some are a little despondent that we haven't capitalized on that to go even higher and break the 70,000 round number ceiling.

But prices rarely go up in a straight line and buying at 60k is like buying at a 10% discount from where prices were 48 hours or so ago.

Personally, I am dollar cost averaging into Bitcoin so it doesn't matter so much what price it is on the day. The lower the better in fact. I think there is some chatter that the US senate is going to agree on their budget and so that takes out some political uncertainty that was boosting Bitcoin.

There are still a number of ETFs that are due to be launched and also an ETH ETF coming out by the end of the year. More money attracts more eyeballs which in turn attracts more money.

Here are the interesting Fibonnaci retracement levels at play:

23.6% - 52k
38.2% - 43k
50% - 35k
61.8% - 28k

52k would be a healthy pull back before we head up to 100k and beyond. Let us see how the price action plays out on this one.