Bitcoin Price Correction

Bitcoin Price Correction: Bitcoin can Rise above $50k but then a major correction is inevitable

Bitcoin Price Correction is inevitable to stabilize the price gain as it’s been rising without a major correction in the following weeks. Where can it fall to make a correction? That is the question.

The live Bitcoin price today is $47,934.16 with a 24-hour trading volume of $32,674,481,001. Bitcoin is up 1.44% in the last 24 hours, with a live market cap of $900,561,791,978. Yesterday, it underwent a minor price correction, and then touching a support level at ascending trend line it begun to rise again and is making a daily green candle with a 1.44% price increase.

Bitcoin Price Correction
Source: TradingView

Bitcoin Price Correction: Technical

Bitcoin Price correction seems necessary when we see three consistent green candles on a weekly time frame. The local high of bitcoin is $48137 which will be smashed with a small blow, anytime soon, as significant volumes are coming in. Above we have a major psychological resistance of $50,000, if it kept climbing, the mark can easily be touched. Approaching this level, the Bulls may try to cash out and we can see a possible decline to lower major support around the $42,000 price level, call it Bitcoin Price Correction.

The above is a personal market judgment based on published information and historical chart data on Tradingview, all analysis is only subjective. DYOR!

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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