Bitcoin Rally Faces Resistance: Trader Warns of Imminent Pullback
Despite Bitcoin's recent breakout past the $100K mark, popular trader Altcoin Sherpa warns a pullback is likely on the horizon.
In a tweet accompanied by a technical chart, Sherpa highlighted multiple resistance zones between $106,000 and $109,000, stating: “Pullback comes soon at 1 of these levels IMO.”
The chart reflects a significant rally in BTC’s price but shows potential reversal zones from earlier trading ranges. Volume spikes during recent upward moves indicate increasing volatility, typically a precursor to price corrections.
Sherpa emphasized the market remains a “buy the dip” environment, suggesting any correction could present another opportunity for accumulation rather than a signal of trend reversal. “Stay on your toes,” he advised, noting the uncertainty around how deep or exactly where the pullback might occur.
For traders and investors, this analysis suggests caution near resistance but encourages maintaining a bullish outlook, especially for long-term holders.
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