Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support.
Bitcoin struggled above $71,500 and started a downside correction.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline further if there is a move below the $70,000 level.
Bitcoin Price Starts Correction
Bitcoin price extended its increase above the $70,000 level. BTC was able to clear the $70,500 and $71,200 levels to move further into a positive zone. However, the bears were active near the $71,650 zone.
A high was formed at $71,682 and the price started a downside correction. The price declined below the 23.6% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. There was also a break below a key bullish tr
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