Lorenzo Stroe
Independent Analyst
- BTC is currently trading at $12,759 after slipping below a critical support level in the short-term.
- It seems that Bitcoin is facing a correction period in the upcoming days.
Bitcoin had a major breakout towards $13,000, cracking this psychological level and climbing as high as $13,245 on some exchanges. Many analysts expected the flagship cryptocurrency to have a slight correction period before returning to its bullish uptrend.
Bitcoin drops below $12,800 and losses crucial support level
On the 1-hour chart, Bitcoin's price was trading above the 50-SMA, keeping it as a support level; however, in the past hour, bears have managed to push BTC below this point and broken another crucial support level.
BTC/USD 1-hour chart
-637390686800647201.png)
The Bollinger Bands were squeezed, indicating that a major price move was underway. The lower band was also acting as a healthy support level. However, the recent bearish breakout could drive BTC down to $12,500 where the 100-SMA is located and as low as $12,000, a vital psychological support level.
The bullish side of things
Despite the recent correction and bearish breakout, the overall momentum of Bitcoin remains bullish. The flagship cryptocurrency needs to climb back above the lower Bollinger band and the 50-SMA and turn it into a support level again.
BTC IOMAP Chart
The In/Out of the Money Around Price chart continues showing very little resistance to the upside. The most significant resistance area seems to be contained between $12,803 and $13,169. A breakout above this point can easily push BTC up to $14,000.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Week survives scare as House members scramble to advance procedural motion in a 217–212 vote
House Republicans scrambled to win over holdouts on Wednesday to pass a procedural motion for several crypto bills by a vote of 217–212. The longest House vote in history, which lasted nearly ten hours, will see the GENIUS and CLARITY bills head to the floor for final passage deliberations on Thursday.
Chainlink stabilizes as Westpac and Imperium Markets adopt LINK in Project Acacia
Chainlink (LINK) price is stabilizing at around $16.47 on Thursday after rallying 5% so far this week. LINK announced on Thursday that major institutions, including Westpac Institutional Bank and Imperium Markets, will integrate Chainlink in Project Acacia, thereby boosting institutional use cases.
Top Crypto Gainers: Solana-based meme coins FLOKI, BONK post double-digit gains, CRV targets $1
Solana-based meme coins Floki (FLOKI) and Bonk (BONK) edged lower by 2% at press time on Thursday, following the 30% gains on Wednesday, ranking as top crypto gainers in the last 24 hours. Curve DAO (CRV) ranks third with a 21% surge following a triangle setup breakout, targeting the $1 psychological level.
TRX rises 3% as SRM Entertainment rebrands to Tron Inc
TRON (TRX) gained 3% on Wednesday following Nasdaq-listed SRM Entertainment's (SRM) announcement of its rebrand to Tron Inc. as part of its shift to a TRX treasury strategy.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.