Has correction of Bitcoin (BTC) finished yet?
Bulls are trying to hold the gained initiative, according to the CoinMarketCap ranking.
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BTC/USD
The price of Bitcoin (BTC) has increased by 0.45% over the last 24 hours.
Image by TradingView
Despite the slight rise, the rate of Bitcoin (BTC) is coming back to the local support level at $29,366. If buyers cannot seize the initiative, the breakout may lead to the test of the $29,200 area shortly.
Image by TradingView
On the daily chart, the price has once again made a false breakout of the resistance level at $29,500. Until the rate is below that mark, bears will remain more powerful than bulls.
Overall, it can lead to a further correction to the zone around $29,000. Such a scenario is relevant until the end of the month.
Image by TradingView
From the midterm point of view, traders should focus on the previous bar low at $29,400. If the candle closes below it, the downward move may continue to the range of $28,500. Thus, the volume keeps falling, which confirms buyers' weakness.
Bitcoin is trading at $29,424 at press time.