- Bitcoin price remains in a solid uptrend above the $5,070 and $5,000 supports against the US Dollar.
- The price is currently correcting lower, but it remains well supported above the $5,000 level.
- There is a crucial ascending channel forming with support at $5,075 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dip a few points towards $5,070 before it starts a fresh increase towards $5,360.
Bitcoin price is currently correcting lower below $5,251 against the US Dollar. BTC could test the $5,050-5,070 support before it bounces back towards the $5,300 and $5,360 levels.
Bitcoin Price Analysis
Recently, there was a slow and steady rise towards the $5,300 resistance in bitcoin price against the US Dollar. The BTC/USD pair broke the $5,250 resistance area, but it failed to surpass the $5,300 resistance. Earlier, the price traded as high as $5,359 and later corrected below the $5,250 level. There was a break below the 23.6% Fib retracement level of the…
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