Bitcoin market update: Let the correction begin!

BTC/USD is back below $5,000 amid technical correction.
The RSI implies that more sell-off is in store.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) is changing hands close to $4,900 at the time of writing. The first digital asset retraced from the intraday high reached at $5,089. While the coin is still 10% higher from this time on Tuesday, the market seems to be entering a correction phase as many digital assets are seeing intraday losses as they move from an overbought territory.

Looking technically, BTC/USD has reached a local support area strengthened by 23.6% Fibo retracement daily and an upper boundary of 4-hour Bollinger Band. It may slow down the sell-off for the time being, though once it is broken, the correction will be extended towards congestion zone $4,730-$4,700.

Considering the downward-looking RSI on intraday charts, there is a potential for BTC/USD correction towards the next barrier at $4,500-$4,470 strengthened by SMA50 1-hour.

On the upside, The price needs to reclaim $5,000 as soon as possible to continue moving within an upside trend with the next focus on $5,300 (Pivot Point 1D Resistance1). Otherwise, the BTC may enter a consolidation phase with downside bias.

BTC/USD, 1H chart

Author

Tanya Abrosimova

Independent Analyst

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