After Bitcoin’s price peaked at around $57800, it felt mounting bearish pressure. And under the pressure of the bears, it began a correction. Bitcoin price dropped below $57000 and is trading in the area of 55000 dollars at the time of publication.
On the hourly chart, the BTC/USD pair dipped below the 100-hour moving average but remained above the uptrend line, which provides support of around $54000. Bitcoin price found support around $54500 and began a gradual recovery.
Now the bulls need to break through the resistance 56350 again to continue the rise in the price of Bitcoin. Further resistance awaits them in the area of 57000. If the bulls manage to rise above $57000 the first time, this will increase the chances of a successful breakout of the $58000 level.
The Bitcoin price correction occurred amid news from China. As it became known, the Chinese social network – WeChat – has blocked users from searching for cryptocurrency exchanges. Also, the Binance C2C team published a Notice of Termination of Serving OTC Trades involving RMB and the removal of the C2C CNY Trading Zone.
Analysts expect the current correction to be temporary. On the exchanges, the supply of Bitcoins continues to decline, which pushes the price of Bitcoin upwards. The bulls have nothing to worry about, they better focus on the $60000 mark.
