BTC/USD update: Correction territory
A correction was inevitable at some point
Against the US dollar (USD), the price of Bitcoin (BTC) has been on a tear in recent weeks, refreshing all-time highs of $73,845. The recent correction, however, has some traders questioning how low the market can drop. Based on the current uptrend, in place since bottoming at $15,581 in late 2022, three corrections emerged, with two of them dropping circa -20.0%. So, knowing the latest correction has already been as far south as -15.0%, should we be anticipating a rebound to the upside to perhaps refresh record highs?
$60,393 could prove pivotal
With the weekly timeframe unmasking space to continue pulling lower towards support at $56,796, the daily timeframe’s 38.2% Fibonacci retracement ratio at $60,393 could cede ground and tip the scale in favour of breakout sellers.
Interestingly, should further underperformance draw price action through weekly support, the weekly decision point at $50,619-$53,057 would likely be the next downside objective for sellers. However, given that this area is complemented by the daily chart’s Fibonacci cluster, this may be a zone where serious dip-buyers attempt to enter the market.
