Bitcoin Price Revisits $50K, Why BTC Could Start A Short-Term Correction

Bitcoin price extended its rally above the $48,800 resistance. BTC tested $50,000 and is currently showing signs of a downside correction.

Bitcoin price climbed higher above the $48,500 and $48,800 resistance levels.

The price is trading above $48,800 and the 100 hourly Simple moving average.

There is a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a downside correction below the $49,750 and $49,500 levels.

Bitcoin Price Jumps 5%

Bitcoin price remained in a positive zone above the $48,000 resistance zone. BTC extended its rally and climbed above the $48,800 resistance zone. Finally, the price jumped above the $50,000 level.

A new multi-week high was formed near $50,339 and the price is now consolidating gains. There was a minor decline below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high.

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