Bitcoin Price Just Saw Technical Correction But Key Uptrend Support Intact

Jan 25, 2023 04:00 am Cryptocurrency 127

Bitcoin price started a downside correction below $23,000. BTC is testing an important support and might start a fresh increase towards $23,500.

Bitcoin started a downside correction and declined below the $23,000 support zone.

The price is trading below $23,000 and the 100 hourly simple moving average.

There is a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it stays above the $22,000 support zone.

Bitcoin Price Tests Key Support

Bitcoin price struggled to clear the $23,400 and $23,500 resistance levels. BTC started a downside correction and traded below the $23,000 support zone.

The price declined below the 23.6% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. The price even spiked below the $22,500 support level. However, the bulls appeared near the $22,200 support zone.

There is also a major ..

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