When will the Bitcoin correction come to an end and is it possible for the price to reach $60K? Let’s analyze the current situation.
On the daily chart, Bitcoin’s price recently failed to hold above the $66K level, signaling a correction. This is not a positive sign, especially considering the cryptocurrency’s recent breakout from a descending channel, which now appears to be a fake breakout. The Relative Strength Index (RSI) dropping below 50% indicates bearish momentum, further suggesting a potential decline towards the $60K support zone.
However, when we shift our focus to the 4-hour chart, there is a glimmer of hope. The price has been consolidating within a horizontal channel, and although it briefly broke below, it quickly rebounded back inside. If the price manages to climb back within the channel, there is a chance for a retest of the higher boundary around the $72K mark. But in the event of a breakdown of the channel, a drop towards the $60K level could become imminent.
In conclusion, while the current correction suggests caution, the possibility of a further decline towards the $60K mark cannot be disregarded. However, if Bitcoin manages to regain strength and reenter the channel, a push towards $72K becomes achievable. Ultimately, the outcome will depend on the market’s reaction and momentum.