Bitcoin (BTC) price has suffered a rejection from a multi-year supply barrier, but this correction looks healthy to give sidelined investors and late buyers a chance to buy the dip.
Bitcoin price uptrend has lost steam after a rejection from the supply zone between $62,905 and $68,212. BTC could drop 5% to $60,000 as part of a healthy correction to give sidelined investors a buying opportunity. A candlestick close below $60K could instigate and extend BTC fall to $50,000. Bitcoin price has suffered a rejection from a multi-yearsupply barrier, but this correction looks healthy to give sidelined investors and late buyers a chance to buy the dip.
With the supply zone holding as a resistance, the ongoing rejection could see Bitcoin price retest the $60,000 psychological level, giving sidelined and late investors an entry point. This would constitute a 5% slip below current levels. Nevertheless, the thesis remains bullish as the market continues to favor the upside. This is seen with the northbound inclination of the Relative Strength Index , showing that momentum is still rising.
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