Bitcoin’s Correction To $13K Starts As Bulls Lose Control

Bitcoin’s correction to the $13,000 level can be seen on the horizon as the bulls lost control at the $13,700 price level as we can see in today’s Bitcoin news.

Bitcoin started a fresh decline after it faced strong selling pressure at $13,700. The price is trading below the $13,600 support line and at the 100 hourly simple moving average. There was also a break below the crucial contracting triangle with support close to the $13,600 on the hourly charts of the BTC/USD pair. The pair shows some bearish signals and it seems that the bears are aiming for a test at ,000.
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After the failed attempt to clear the $13,800 barrier the price dropped below the $13,700 support level and the decline was such that BTC settled below the $13,600 and the 100 hourly simple moving average.

There was also a break below the crucial contracting triangle with the support of $13,600 on the hourly charts of the BTc/USD pair and it traded as low as $13,299 before correcting higher. However, the previous support of $13,700 level and the 100 hourly simple moving average acted as a strong hurdle. A new high was formed close to $13,711 and the price is now trading below the 50% fib retracement level from the rise at $13,299 swing low to $13,711 high.

Bitcoin’s Correction is now leading the asset into the $13,400 zone and the 76 fib retracement level from the recent rise at $13,299 swing low to the $13,711 high. If there’s another downside break below this level, there could be even more losses. The next major support is close to the $13,200 level below which the bears are aiming a retest of the $13,000 support zone in the upcoming sessions.

If bitcoin stays above the $13,320 support level, it could start a fresh increase. An initial resistance on the upside is close to the $13,600 level. The first major hurdle for the bulls is close to the $13,700 level and the 100 hourly simple moving average so a break above the $13,700 is a must for a strong push above $14,000. The hourly MACD for the pair is in the bearish zone while the hourly RSI for the pair is well below the 50 levels.