The Bitcoin price has witnessed its fair share of corrections in recent days after reaching a new all-time high last week. The premier cryptocurrency’s latest performance reflects what seems to be an exhaustion of bullish strength, as the general market fell under some downward pressure in May’s final week.
The analytics firm attributed this pattern to the propensity of traders to be wrong about the market’s actual trajectory. According to Alpractal, these wrong price predictions eventually lead to liquidations and forced position closures, which drive the BTC’s price in the opposite direction.
As of press time, Bitcoin trades just above $104,100, reflecting a more than 2% decline in the past 24 hours. The flagship cryptocurrency’s performance is even more disappointing on the weekly timeframe, having lost over 4% of its value in the past seven days.
