Following a spike to $4,068 from the low $3,900 region, the bitcoin price has experienced a slight pullback to $4,000.
While the price of bitcoin slightly differs from region to region, on average, bitcoin is currently being traded at $4,017.
Against Tether (USDT) on Binance, bitcoin has dipped below the $4,000 mark to $3,975.
MINOR PULLBACK BEFORE PROMISING RALLY OR RETEST OF PREVIOUS BITCOIN SUPPORTS?
Following a 3 percent increase in the price of bitcoin, several traders expected the dominant cryptocurrency to undergo a minor pullback.
For over three months, bitcoin has remained in a relatively tight range between $3,700 to $4,000, breaking out of the $4,000 resistance on two occasions year-to-date.
As such, when bitcoin initially climbed beyond $4,000 and achieved $4,056, some traders foresaw the asset facing some resistance in the $4,000 region.
However, according to Satoshi, MBA, a cryptocurrency technical analyst, the 15-month correction of the cryptocurrency market is approaching its final phase and with bitcoin down about 80 percent from its all-time high, a gradual accumulation phase could be next.
The analyst said:
How can possibly not be bullish right when we’re at the bottom of this bear market. Accumulating as much BTC as I can here to be honest. When bitcoin approaches its new all time high again, I’ll be bearish.
As bitcoin experienced a minor drop in value, major crypto assets that recorded large gains in recent months such as Ethereum and Litecoin also demonstrated small losses in the range of 1 to 3 percent.
On March 16, a cryptocurrency trader known as Hsaka said that Litecoin is due for a retrace following a 170 percent rally since late December, within a three-month span.