Bitcoin's FOMO Phase: Potential Pullbacks and Sell Signals

Bitcoin’s FOMO PhaseBitcoin is trading 9% below its all-time high of $69,170, according to Markets Pro and TradingView. Despite the flash crash, Bitcoin is still up 12% over the past seven days. Market analyst Aksel Kibar noted that Bitcoin reached over $69,000, a phase he dubbed the “FOMO phase.”On March 4, Kibar observed Bitcoin trading in a range between $65,000 and $68,000, moving toward a November 2021 peak of around $69,000. He warned investors not to get caught up in the fear of missing out at this level.Alex Thorn, director of research at Galaxy Research, focused on Bitcoin’s historical price action, particularly in 2020, when it briefly retraced after hitting all-time highs. Thorn said that if history repeats itself, Bitcoin could "fall 11.3% in 15 days" before "finally breaking through ATH" again in the coming weeks.Potential Pullbacks and Sell SignalsThe mid-$50,000 lows are seen as a potential pullback to the downside. On March 2, Peter Brandt shared a chart showing Bitcoin trading within a wide ascending parallel channel, with the pattern’s middle border offering short-term support below $55,000.Independent analyst Ali observed that the TD Sequential indicator issued a sell signal on the daily chart, warning traders to "pay close attention" shortly before the price plunge. This indicator has a proven track record of predicting Bitcoin trends since the beginning of the year.While some traders expected a steeper retracement ahead of the halving, technical price analyst John Bollinger called the March 5 pullback in Bitcoin’s price “a little bit much.” He added that a failed rally attempt would be ugly.Market data shows traders are poorly positioned for the latest break above $69,000. Over $1.17 billion in leveraged positions were liquidated across the cryptocurrency market in the past 24 hours, of which $846 million was long liquidations. Bitcoin long liquidations total $236.33 million.

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