Bitcoin will have correction before the next Bull Run
Bitcoin managed to rise to around $73,660 yesterday, close to its previous all-time high. However, it couldn’t sustain above this resistance level, as heavy sell orders in that zone prevented the creation of a new high.
As shown on the chart, after Bitcoin's recent rise, we’re seeing a negative divergence, which could indicate an increase in selling positions. The first support level for Bitcoin is in the range of $71,095 to $71,450, and it's highly likely that this support zone will be tested before any attempt to retest the previous high.
This support level can determine the next direction of price movement. If this support is lost, selling pressure could increase, potentially pushing Bitcoin towards the $70,000 level. However, a bounce from this support could prepare Bitcoin for another attempt at the $73,660 range.
Remember, Bitcoin is in an uptrend, and each support level can serve as a good entry point for new buy positions. Therefore, as long as Bitcoin remains in an uptrend, reactions to support levels should be closely monitored.
As shown on the chart, after Bitcoin's recent rise, we’re seeing a negative divergence, which could indicate an increase in selling positions. The first support level for Bitcoin is in the range of $71,095 to $71,450, and it's highly likely that this support zone will be tested before any attempt to retest the previous high.
This support level can determine the next direction of price movement. If this support is lost, selling pressure could increase, potentially pushing Bitcoin towards the $70,000 level. However, a bounce from this support could prepare Bitcoin for another attempt at the $73,660 range.
Remember, Bitcoin is in an uptrend, and each support level can serve as a good entry point for new buy positions. Therefore, as long as Bitcoin remains in an uptrend, reactions to support levels should be closely monitored.
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