Bitcoin price started a downside correction from the $52,750 all-time high against the US Dollar. BTC is now approaching a couple of important supports near $50,500.
- Bitcoin topped near the $52,750 level and started a downside correction.
- The price is still well above $50,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $50,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to bounce back from $50,400 or $50,000 in the coming sessions.
Bitcoin Price is Correcting Gains
After setting a new…