FX.co ★ Bitcoin drops as expected

The price of Bitcoin is going down at the time of writing after failing to stay above the broken resistance level. The token is trading at 46,543, far below 47,624 today's high. BTC/USD dropped by 3.41% from today's high to 46,000 daily low.

In the short term, a minor retreat was expected after its strong rally. In the last 24 hours, BTC/USD is down by 0.97% but it's still up by 6.41% in the last 7 days. The retreat could help the buyers to catch new upside momentum.

BTC/USD Short Term Retreat!

BTC/USD failed to stabilize above the 48,000 psychological level and above the channel's upside line signaling that the buyers are exhausted. Now, it could come back to test and retest the 45,501 and the uptrend line before starting to grow again.

Technically, as long as it stays above the uptrend line, the bias remains bullish despite temporary declines.

BTC/USD Outlook!

BTC/USD's retreat is natural. Testing and retesting the 45,501 and the uptrend line could announce a new leg higher. False breakdowns below these immediate downside obstacles could bring new long opportunities.

Only a valid breakdown below the uptrend line could invalidate an upside continuation.