FX.co ★ Bitcoin ended its temporary correction

The price of Bitcoin is fighting hard to rebound after registering a short-term retreat. Technically, a minor correction was expected after its last swing higher. It has retested the immediate downside obstacle and now it tries to come back higher. It was traded at 44,120.49 at the time of writing far above 42,701.19 yesterday's low.

BTC/USD registered a 4.19% from yesterday's low to 44,488.88 today's high. Still, in the short term, the crypto could move somehow sideways trying to accumulate more bullish energy before jumping higher.

BTC/USD confirmed its breakout

Bitcoin retreated a little to retest the channel's upside line which represents a dynamic support level (resistance turned into support). The immediate resistance is represented by the weekly R1 (44,672.85).

In the short term, it could develop a minor triangle, a continuation pattern. Jumping and stabilizing above the weekly R1 may announce potential further growth at least towards the first warning line (wl1).

BTC/USD prediction

A valid breakout above the R1 may signal more gains. A larger upwards movement could be activated by a valid breakout above the first warning line (wl1). The current retreat could bring new long opportunities. A new higher high, jumping and closing above 45,501 yesterday's high could represent a bullish signal.