The increase in the approval probability of Spot Ethereum ETFs has also mobilized the prices of Bitcoin and altcoins, especially Ethereum.
With the impact of ETF news, ETH reached $ 3,700, while BTC rose to over $ 70,000 again.
While these increases pleased investors, one analyst warned of an impending pullback in BTC price.
John Bollinger, a well-known analyst and the inventor of Bollinger Bands, stated in his post from his X account that there may be a short-term retreat and consolidation in the BTC price.
The analyst, who made this analysis based on the Bollinger Bands technical tool he invented, argued that a two-bar reversal occurred in the upper Bollinger Band on the BTC/USD chart.
The analyst pointed out that consolidation or a possible pullback in the Bitcoin price would be short-term and said that there is no downward trend in BTC.
“I don't really like the two-bar retracement in the upper Bollinger Band for BTC/USD.
It suggests a consolidation or pullback.
But there is no downtrend here, just a short-term pullback or consolidation.”
*This is not investment advice.