Bitcoin Price Uptrend Exhausts ahead of Reclaiming $4,500

Bitcoin price on Friday corrected 5% from its intraday high at $4,172, hinting that the ongoing uptrend is close to exhaustion.

The Bitcoin-to-Dollar pair found a compelling resistance area near $4,000 that reversed the breakout attempts on four separate occasions today. To the downside, the area near $3,880 provided similarly strong support to keep the upside bias alive. As a result, the Bitcoin market today was mostly choppier as it bounced between the two strong parameters at each of its sides.

The trend is heading into a slowdown phase, where bulls are not entirely convinced for an extended upside momentum but are still adamant about keeping the supports alive. At most, the bitcoin market could attempt to establish higher highs towards $4,423-4,500 area but the fears of potential downside corrections linger near such levels. Small traders would find it difficult to play higher highs when the market remains inside…