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Bitcoin: is downward correction over?

Bitcoin dropped in the last hours and now it's trading at 57,388 level. As you already know, BTC/USD was into a corrective phase after reaching a fresh all-time high of 69,000. In the short term, the selling pressure is still high, further drop is still in cards. Despite its temporary rebound, the price of bitcoin could extend its drop if it fails to stay above the near-term support levels.

In the last 7 days, BTC/USD is down by 10.99%, while in the last 24 hours, the crypto dropped by 4.68%.

BTC/USD Bearish Pressure!

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BTC/USD is about to reach the 56,425 low which stands as a potential downside target. As you can see, the price has found resistance at 59,953.74 - 58,933 area and now it looks very heavy.

The descending pitchfork's median line (ml) and the 55,640 are seen as critical support levels. It could test and retest these levels before trying to develop a new leg higher. Only a new lower low could activate a larger downside movement.

BTC/USD Prediction!

Staying above 56,425 - 55,640 support zone and making a bullish pattern could signal a new swing higher. Actually, a new upwards movement could be activated by a new higher high, if the price jumps and closes above 60,090 previous high.

On the other hand, dropping and closing below 55,640 could open the door for a larger corrective phase.

The material has been provided by InstaForex Company - www.instaforex.com