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: 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!