Bitcoin Price Analysis Guide for Ongoing Correction; Keep an Eye on These Levels

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Brian Bollinger As we mentioned in our previous article the rising channel pattern was formed by Bitcoin price action over the past three weeks. The pattern’s support trendline supported the Bitcoin price, and the coin price broke down from it on February 5th was a sign of upcoming decline. The Bitcoin Price plunged to $21500 support after a three-day losing streak. Here’s why this level is important for coin holders.advertisementKey Points:The falling Bitcoin price plunged below the 20-day EMA slope
The strong support for the buyer is provided by the $21500 and $20500.
Bitcoin’s intraday trading volume is $31.4 billion, which indicates a 4.3% gain.
Source-TradingviewAfter an explosive rally in January 2023, the Bitcoin daily chart showcased several higher price rejection candles near the $23800 level. These rejection candles indicated the exhaustion in bullish momentum and the need to correct. The BTC price fell 6.5% in the last two trading days, testing at the $21500 local support zone. The aggressive fall was also caused by the US SEC’s claims that Kraken offered unregistered cryptostaking programs. Trending StoriesThe Bitcoin price traded at $21760 at press time. This is a level that can continue to rise above the $21500 resistance. The daily chart shows a Doji type candle, which indicates that buyers are preventing further declines but are not strong enough to reestablish price recovery. The whole retracement phase should replenish bullish momentum and help buyers to resume their recovery. The $21500 and $20500 support levels should be monitored closely by coin holders. This could lead to demand pressure rising at the support. It will also allow buyers to resume their recovery. Thus a candle closing above $22500 will hint at the uptrend resumption.On a contrary note, a breakdown below $20500 will question buyers’ commitment and may cause a further downfall.Technical indicatorRSI: the daily-RSI slope divided below the midline, indicating a negative sentiment spread for Bitcoin.advertisementEMAs: the 200-day EAM slope moving near the $21500 support enhances the support strength of this level.Bitcoin Price Intraday LevelsSpot rate: 21740
Trend: Bearish
Medium Volatility
Resistance levels – $22500 and $23800
Support levels: $21500 and 20500
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