Bitcoin is fast selling off. At spot rates, the world’s most valuable coin dropped by over 5% on the last day of trading and continues to spiral lower, easily breaking $60,000. The psychological round number has been level to watch out for over the previous few days, especially following gains over the weekend. Bitcoin Is Down: Is It Time To Buy? While Bitcoin is edging lower and sellers are relentless, one analyst thinks this is the right time to stack up. In a post on X, the analyst argues that Bitcoin is on the cusp of the “Spring” phase within the Wyckoff re-accumulation model. The Wyckoff model is a technical analysis tool used by traders and chartists. Traditionally, it uses price and volume patterns to identify potential price movements. Related Reading: Crypto Market In Panic As Bitcoin Crash To $57,000 Sends 105,000 Traders To The Slaughter While Wyckoff describes multiple phases when it comes to price patterns, the “Spring” stage is what most traders always track. When prices “spring” higher from this stage, the coin tends to break out from the c ..
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