Market Wrap: Bitcoin Pullback Pauses as Traders Reduce Leverage

Posted on by American Coins & Gold

Market Wrap: Bitcoin Pullback Pauses as Traders Reduce Leverage
Bitcoin’s price continued to stabilize around $60,000 on Wednesday after dropping nearly 15% from an all-time high near $69,000. Some analysts remain bullish on BTC’s price due to improving blockchain data, suggesting the current pullback could be short-lived.“The drop seems to be related to excessive leverage in the system being flushed out,” Jan Wuestenfeld, an analyst at CryptoQuant wrote in a blog post. “As long as on-chain fundamentals do not change on these price corrections, the medium-term outlook remains bullish,” Wuestenfield wrote.Technical indicators show a positive upward trend for BTC, which means buyers could remain active on pullbacks. Still, the…