- Bitcoin risks sliding below $5,200 key level maid growing bearish momentum across the market.
- A correction to $5,000 will be a necessary evil that is likely to create more demand.
Bitcoin is sitting above the 61.8% Fib retracement level between the last upswing at $5,352.05 and a downswing of $3,868.19 following the last week’s surge above $5,000. Bitcoin surprise move above the critical $5,200 before coming to halt at $5,352.05. For at least a week now the buyers have been in control maintaining the uptrend above the trendline.
Bitcoin failed to sustain the trend above the high formed at $5,352.05. A retracement from the highs was supported at the 61.8% Fib level allowing bulls to regain control. Another breakout made it above $5,200 but turned bearish on touching $5,300. BTC/USD has since the opening session today been trending lower towards $5,200 short-term support.
According to the indicators on the 4-hour chart, the largest asset is on the verge of…
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