Bitcoin is developing a bearish Correction


The bitcoin exchange rate continues to retreat from the record highs noted last week. The main cryptocurrency failed to return above 63 thousand dollars, which led to a correction that accelerated at today’s auction. The quotes have already lost the mark of 60 thousand, simultaneously falling below the 20-day moving average, and reached the level of 58 thousand for the first time since mid-October.

The fact that the price violated the integrity of the 20-DMA for the first time since the beginning of this month may signal the prospects for a more aggressive bearish correction in the coming days. On the other hand, BTC meets buyers on the falls, which gives hope for a limited price pullback in line with the uptrend, which remains in force.

As part of a recent press release, the payment giant Mastercard (NYSE:MA) announced support for payments in cryptocurrency through a partnership with the Bakkt platform. Holders of cryptocurrencies will not only be able to buy, sell and store digital assets, but will also receive a bonus in the form of a special loyalty program. However, this news did not make much impression on market participants, who are now focused on the technical component of bitcoin dynamics.

The cooling of buyers’ ardor after the rise to record values looks natural, but this does not mean that the rally will fade away.

In the coming days, the BTCUSD pair may continue to fall in price, and testing of the 55 thousand zone is not excluded, however, at a certain stage, if there are no shocks (including on the regulatory front), the coin will return to growth and after successfully testing the 67 thousand level, it will head to the 70 thousand barrier, the breakdown of which may not be an easy task.