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Analysts say Bitcoin price “needed a breather” before chasing new highs

Published 08/12/2021, 04:37 PM
Updated 08/12/2021, 06:20 PM
Analysts say Bitcoin price “needed a breather” before chasing new highs
BTC/USDT
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BTC/USD
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The high-flying optimism generated earlier this week when Bitcoin and altcoin prices rose was tempered on Aug. 12 as BTC dropped below $43,000. This led some analysts to warn that the price action seen over the past week was nothing more than a dead cat bounce.

Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling pushed the price of Bitcoin (BTC) to a low of $43,752 and at the time of writing bulls are struggling to pull the price back to $45,000.

BTC/USDT 4-hour chart. Source: TradingView

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