The bullish momentum will continue despite the 11% dump

On February 24, within minutes, the Bitcoin price dumped by 11 percent from $4,150 to the mid-$3,000 region, and with that the crypto market to lost $11 billion in just one day. Investors expected a pullback to occur on the price trend of Bitcoin but many traders were surprised by the magnitude of the drop. As soon as Bitcoin cleanly broke out of the $4,000 resistance level and neared $4,200, it dumped to $3,700.

Understandably, some traders claimed that the price movement of the most famous cryptocurrency was a result of market manipulation due to the manner in which it dropped in a short period of time.

The cryptocurrency technical analyst known as “The Crypto Monk” explained that the drastic price movement was simply a technical movement. He said that from a technical analysis perspective, Bitcoin has been unable to breakout the range from $3,190 to $4,250 for over three months. When the bitcoin climbed up to $4,150 it couldn't sustain its momentum.

Combined with multiple factors: decreasing buying pressure, long positions meeting their targets, and thus getting closed and short positions reopened as a switch. We get exactly what happened on Sunday. A brutal pullback. It doesn’t mean that the bullish momentum is over since important supports are still valid.

In the last few weeks, a growing number of experts in the industry have said that Bitcoin has reached its bottom at $3,122 and is undergoing a consolidation phase.

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