Bitcoin pulls back from $31,000 as a pin bar forms, upside momentum dropping
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="1419" height="568" />)
There is a pin bar on the daily bitcoin (BTC) daily chart on a day when prices soared to reach new Q2 2023 highs of $31,000.
Bitcoin pin bar forms in the daily chart
Per bitcoin’s candlestick arrangement on April 14, prices printed lower, retracing from H2 2023 highs as the uptrend lost momentum and sellers curbed the upswing, rejecting higher prices.
Subsequently, the pin bar has formed, indicating intense liquidation pressure, mainly during the New York session.
A pin bar is a candlestick with a long upper or lower bar typically formed when prices pull back from local highs or lows.
Chartists associate the pin bar with local peaks or bottoms. In the current formation, bitcoin prices are retracing from April highs of $31,000 despite traders being upbeat, expecting more gains in subsequent sessions.
Expanding from the current formation could mean bears are around the corner, and the current bull run may be coming to an end.
3 comments