TA: Bitcoin Approaching Key Uptrend Support, Why BTC Could Revisit $52K

TA: Bitcoin Approaching Key Uptrend Support, Why BTC Could Revisit $52K

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…

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