This week, the price of bitcoin (BTC) came within a hair’s breadth of the $36,000 mark before abruptly reversing course and correcting to $34,250. After a nearly 30% run over the past month, it is natural for the price to cool as some traders take profits and market participants evaluate whether the catalysts for the rally remain valid.
Despite the intraday price action, which saw a 4.67% drawdown, a number of analysts remain bullish on bitcoin, with some expecting another “gamma squeeze” if the BTC price manages to break through the $36,300 level.
