Bitcoin Price Signals Downside Correction Before Fresh Increase

Jun 26, 2023 04:00 am Cryptocurrency 85

Bitcoin price is correcting gains from the $31,400 zone. BTC could revisit the $29,200 support or even $28,500 before it starts a fresh increase.

Bitcoin is currently correcting gains from the $31,400 zone.

The price is trading below $30,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to correct lower toward the $29,200 support or $28,500.

Bitcoin Price Starts Downside Correction

Bitcoin price remained well-bid above the $29,500 resistance zone. BTC cleared the $30,000 resistance to move further into a positive zone. Finally, there was a push above the $31,000 zone.

The price tested the $31,500 zone. A high is formed near $31,435 and the price is now correcting lower. There was a move below the $30,500 level. The price traded below the 50% Fib retracement level of the upward move from the $29,550 ..

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