Here’s what you need to know about the upcoming correction in Bitcoin price

Published 11 minutes ago by
Brian Bollinger The Bitcoin price has shown an ascending channel pattern over the past two weeks. Although the trend line that shows a steady uptrend is the Bitcoin price, it could also be triggering a significant correction. Thus, under the influence of this pattern, the BTC price is poised for a temporary correction.advertisementKey Points:The potential pullback in Bitcoin price could recuperate the exhausted bullish momentum
The $213000 level is a strong support that may help to resume the prevailing recovery rally
Bitcoin’s intraday trading volume is $22.5 billion, which indicates a 38.5% gain
Source-TradingviewThe Bitcoin price showed a significant break from the channel patterns support trendline on February 5th. The loss of this support will increase selling pressure and cause the price to fall to lower levels. At the press time, the Bitcoin price is at the $22834 mark with an intraday gain 0.3%. The selling pressure could continue, and the coin price could plunge 7% to the $21550-$21300 resistance zone. Trending StoriesHowever, considering the size of this pattern, the potential correction could be temporary and, in fact, offer a pullback opportunity to market participants.On a contrary note, a break above the breached trendline will offset the bearish thesis.Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023Bitcoin Global In/Out of the MoneySource-IntotheblockThe Global In/Out of the Money metric shows that 59.69% of BTC Addresses are in the money or releasing profits, and 35.65% of Addresses are out of the money or releasing lows. Thus, the new year recovery has brought a major portion of Bitcoin holders to profit, which decreases the likelihood of investors selling their position in panic and also increases the possibility of them holding for higher gain.Technical indicatorMACD: a bearish crossover between MACD(blue) and the signal(orange) lines offer additional confirmation of a bearish pullbackadvertisementEMAs: the 200-day EMA moving at the $21300 mark creates a strong support level to face upcoming pullback.Bitcoin Price Intraday LevelsSpot rate: $22834
Trend: Bearish
Medium Volatility
Resistance levels: $25000 and $28000
Support levels: $22500 and $13800
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