The price of Bitcoin (BTC) pulled back after achieving a new 2020 high at $12,486 on Coinbase. In the last 48 hours, BTC fell by around 5%, leading to larger losses in the altcoin market.
There are three key reasons why Bitcoin rejected at the $12.4k level, namely major resistance, high funding rates, and an overheated rally. But traders believe it was a healthy pullback that could strengthen the momentum of BTC.