Bitcoin (BTC) confirms correction: what is the forecast for today?

Bitcoin $BTC is correcting its upward movement recorded last weekend. Where will the asset form a bottom?

With this, BTC is currently trading at US$ 62,420, with a drop of 2.3% in the last 24 hours, according to CoinGecko. Check out what could come next for the asset below.

Bitcoin seeks confirmation of the breakout

Bitcoin has been on the rise since it managed to break out of a symmetrical triangle pattern last Friday (23). With this, the asset formed a top above US$ 65,000, its highest value since August 1.

It entered a correction after a brief consolidation (yellow rectangle). The correction itself is confirmed by three factors. First, BTC fell below its last bottom, at US$ 63,500. Furthermore, the Relative Strength Index (RSI) on the 4-hour chart has fallen below the neutral line of 50, indicating that buyers have lost control of the market. Finally, the 9-period exponential moving average (EMA) (blue) is in the process of crossing below the 21-period EMA (orange). In this case, everything suggests that the price will continue to fall to the resistance line of the triangle, currently at US$ 60,900. It is worth remembering that this movement, despite being downward, is seen as something natural and even healthy for a long-term trend. If the resistance line of the pattern is confirmed as a new support, it would show that BTC can seek new higher highs. On the other hand, returning to trading within the triangle would be a strong bearish signal. In this scenario, Bitcoin could retest its support line, which is close to US$ 58,000.