Bitcoin Price Revisits $50K, BTC Short-Term Correction - Today Headline

Bitcoin price surged above $50,000, but is now showing signs of a downside correction. Potential support levels and resistance levels discussed.

Bitcoin has continued its upward momentum, surpassing the $48,800 resistance and even testing the $50,000 mark. Currently, there are indications that a downward correction may be on the horizon.

Despite this, the cryptocurrency has remained in a positive zone above the $48,000 resistance, with the price climbing above the $48,800 mark and ultimately reaching above $50,000. This surge has resulted in a new multi-week high near $50,339, with the price now consolidating its gains.

Although there has been a minor decline below the $50,000 level, the price remains above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. Additionally, Bitcoin is currently trading above $48,800 and the 100 hourly Simple Moving Average, indicating a strong position.

On the hourly chart of the BTC/USD pair, a short-term rising channel has formed with support at $49,750, while immediate resistance is near the $50,250 level. If the price manages to surpass this resistance, the next key resistance could be at $50,400, potentially leading to another significant increase in price.

However, if Bitcoin fails to rise above the $50,250 resistance zone, a downside correction may be imminent. In this scenario, immediate support on the downside is near the $49,750 level or the channel trend line, with the first major support at $49,000.

It is important to note that the article is provided for educational purposes only and does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. As with any investment, there are risks involved, and it is advised to conduct thorough research before making any decisions.

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