Can a slight correction be expected in Bitcoin (BTC) before moving forward?
Although the bulls are still controlling the market situation, some coins have already entered a correction phase.
BTC/USD
The rate of bitcoin has seen almost no change since yesterday, while the price has increased by 5.85% over the past week.
On the hourly chart, bitcoin (BTC) has broken above a local support level of $24,516. If buyers are unable to restore the initiative, a sharp decline to $24,200-$24,400 can be expected by the end of the day.
On the larger time frame, Bitcoin (BTC) has falsely broken out of the nearly formed resistance level at $24,921, which means that the bulls are not yet ready to conquer the crucial $25,000 area.
However, if the rate stays above the $24,190 support, an increase could happen soon.
From a medium-term perspective, the main cryptocurrency is about to close a weekly candle bullish, which confirms the presence of buyers. In this case, a more likely scenario is a test of the mirror level of $25,400 by the end of the current month.
Bitcoin is trading at $24,448 at press time.