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Bitcoin increased to as much as 69,000 on Wednesday registering a new all-time high. Now, it is going through a corrective phase. The retreat could be only a temporary one as the bias remains bullish.
The price action has shown overbought signs, so a deeper drop is natural in the short term. BTC/USD registered an 8.90% sell-off after reaching the 69,000 psychological level. Now, it is traded at the 64,368.81 level at the time of writing.
Bitcoin is down by 0.85% in the last 24 hours but is still up by 3.47% in the last 7 days. The current correction could help us catch a new leg higher.
Bitcoin dropped after making a false breakout above 68,564.40 and above the descending pitchfork's upper median line (uml). A new lower low, that is, dropping below the 65,982.95 level signaled more declines in the short term.
In the short term, Bitcoin could slip lower towards the 62,856.71 former low and down to 61,781. As long as it stays within the descending pitchfork's body, BTC/USD could extend its downside movement. The 59,953.74 - 58,933 area and the descending pitchfork's median line (ml) are seen as major support levels.
Bitcoin could slip lower after validating the descending pitchfork. We could look for new long opportunities after this correction ends. BTC/USD will be expected to climb towards fresh all-time highs if it makes a valid breakout above the upper median line (uml).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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