Bitcoin Bullish Flag

Bitcoin Correction to $54000? What does the chart say?

Bitcoin is still struggling to decide which way to move because no side between Bulls and Bears is ready to give up. Is there any chance of Bitcoin Correction?

The Bitcoin price today is $59,045.99 with a 24-hour trading volume of $35,100,070,652. Bitcoin is down 1.84% in the last 24 hours with a live market cap of $1,114,595,905,790. It has a circulating supply of 18,876,743 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin Correction
Source: Tradingview Bitcoin Chart

Bitcoin Correction: Analysis

Bitcoin currently stands at the price level of May 2022 and the local support holding the price is right below EMA 50, the shaded area.

The bigger timeframes like the daily chart are still Bullish however there is correction waiting to keep the uptrend in order. The lower trend line of making higher highs can act as support at the fib 1.4 area where we’ll see the additional support of EMA 200 as well. That’s our major support level.

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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