Bitcoin Price Analysis: BTC/USD’s Correction Likely Over

Bitcoin price started a downside correction from $19,600 against the US Dollar. BTC/USD tested the $15,700 support and is currently recovering.

Key Talking Points

  • Bitcoin price after trading above the $19,600 level (data feed by Kraken) against the US Dollar found sellers and declined.
  • There was a break below a descending channel with support at $17,500 on the hourly chart of BTC/USD.
  • The pair found support around the $15,700 level and is currently moving back higher.

Bitcoin Price Chart Analysis

After a nasty upside move above the $19,600 level, bitcoin price faced strong sell offers against the US Dollar. The BTC/USD pair failed to test the $20K level and started a downside move below the $19,000 level.

The decline was substantial as the pair traded below the $18,000 and $17,500 support levels to close below the 100 hourly simple moving average.

Cryptocurrency charts and prices provided by TradingView

During the downside move, the pair broke a descending channel…

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