Bitcoin price extended its upward move towards $49,700 before correcting lower against the US Dollar. BTC dipped more than $2,000, but it is likely to remain stable above $45,000.
- Bitcoin started a sharp downside correction after setting a new all-time high near $49,700.
- The price is trading above the $46,000 support, but it is below the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to bounce back as long as it is trading above $46,000 and $45,000.
Bitcoin Price is Correcting Gains
There was an upside extension in bitcoin price above the $49,200 level. BTC even traded to a new all-time high near $49,700 before it faced a strong selling interest.
The price declined sharply below the $48,000 and $47,000 levels. Bitcoin traded below a major contracting triangle with support near $47,600 on the hourly chart. There was also a break below the $46,800 support level and the 100 hourly simple moving average.