When will the Bitcoin correction end and $60,000 be possible? (BTC Price Analysis)

Bitcoin price has failed to make a new all-time high and is currently undergoing a correction. However, the bull market may still be far from over.

Technical Analysis

By TradingRage

The daily chart

On the daily chart, the price has not held above the $66,000 level and is currently undergoing a correction. This is not a good sign, as the cryptocurrency recently broke above a large descending channel, but has struggled to continue higher, making it a false breakout.

The RSI has also fallen below 50%, indicating that momentum is once again bearish. A decline towards the $60,000 support area seems likely at the moment.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, things are looking a little better. The price has been consolidating within a horizontal channel. Although the market has recently broken below the channel, it has quickly recovered within it.

If the price moves back up inside the channel, the market may once again test the upper limit of the pattern, located around the $72,000 mark. However, if the channel breaks, a drop towards the $60,000 level would be imminent.

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