After reaching a new high last week, Bitcoin has been adjusting at high levels. Support from positive news and institutional involvement has pushed Bitcoin to a new high.
Once positive news materializes, it often leads to a sell-off. The passage of the genius bill also did not cause much of a stir, as institutional funds have shifted to altcoins.
Pullbacks are within expectations, with a key focus on the 1150 level below. A successful breakout would perfectly fill the gap below.
Trading suggestion: Short at the 1186 level, add at 1194, with a target of 116-113.
