RATE Group | Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why
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Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

26 Jan Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

Posted at 06:02h in Bitcoin News by

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Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670.

  • Bitcoin price started a short term downside correction below $9,000 and $8,800.
  • It is currently trading above $8,200 and there are many important supports on downside.
  • There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near $8,000 and the 100-day simple moving average.

Bitcoin Price Remains Supported On Dips

After forming a short term top near the $9,191 level, bitcoin started a downside correction. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone.

The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support…

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