On Monday, Bitcoin price dropped from $8,200 to $7,581. Further, BTC remained on the defensive Tuesday, with prices clocking daily highs and lows within Monday’s trading range. As of writing, bitcoin is trading at $7,864.
Essentially, BTC’s narrowing price range has created a contracting triangle over the last 24 hours, neutralizing the immediate bullish view put forward by Sunday’s rally.
The case for notable price pullback, suggested by repeated bull failures at $8,300 would strengthen if the indecision represented by the contracting triangle ends with a downside break.
Only a week ago, the bitcoin price increased from $6,863 to $8,167, having reached a new 2019 high and recovered to July 2018 levels. While many analysts predicted the bitcoin price will increase to $10,000 in the medium term, in the nearest future, traders forecasted a healthy retracement.