Bitcoin Price Starts Constructive Correction, Why BTC Could Drop Further

Bitcoin price indicates a new high at $21469 before it's started a downside correction BTC maybe drop towards $20,600 before it starts a fresh increase. 

Bitcoin Price Starts Constructive Correction, Why BTC Could Drop Further

Bitcoin gained pace above the $21000 resistance zone before it faced sellers the price is trading above the $20,500 and the 100 hourly simple moving average. 

There is a key bearish trend line forming with resistance near $21150 on the hourly graph of the BTC/USD pair. 

The pair could have a fresh increase if it clears the $21,150 and $21,400 levels. 

Bitcoin price remained well-bid above the $20,600 to $20,500 levels. BTC gained pace for a move above the $21,000 resistance level and a close above the 100 hourly simple moving average. 

The price even touched above the $21,200 level a high was formed near $21,469 before the bulls lost control there was a downside correction below the $21,200 level the price decreased below the 23.6% FIB retracement level of the upward move from the $20,050 swing low to $21,469 high.

The bulls were active near the $20,000 zone and the 100 hourly near the $20,000 zone and the 100 hourly simple moving average BTC price is currently trading above the 100 hourly simple moving average. 

The live Bitcoin price today is $20,894.41 with a 24-hour trading volume of $38,373,928,058. BTC to USD price in real-time. Bitcoin is down 1.64% in the last 24 hours The current CoinMarketCap ranking is #1, with a live market cap of $401,181,157,797. It has a circulating supply of 19,200,406 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin Price Statistics the BTC price change in 24 hours is -$355.69 of 1.67% and BTC 24 hour low is $20,860.64 and BTC 24 h high is $21,283.31 with BTC market dominance being 38.75% 

BTC's 7-day low is $20,086.24 and the 7d high is $21,446.89 with 15343.02% Bitcoin ROI.

The global crypto market cap is $1.03T, a 2.12% decrease over the last day. The total crypto market volume over the last 24 hours is $70.98B, which makes a 3.49% increase. The total volume in DeFi is currently $3.90B, 5.49% of the total crypto market 24-hour volume. The volume of all stablecoins is now $64.81B, which is 91.31% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 38.80%, an increase of 0.17% over the day.

On the upside, BTC resistance is near the $21,050 level. the first major resistance is near the $21,155 level. there is also a bearish key trend line forming with resistance near $21,150 on the hourly graph of the BTC/USD pair. 

If Bitcoin fails to touch above the $21,150 resistance zone it could resume its decline and immediate support on the downside is near the $20,200 level.

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