When Will the Bitcoin Correction End and is $60K Possible? (BTC Price Analysis)

The NFT Unicorn BTCUSDT-Daily-Jun-15-2024-scaled When Will the Bitcoin Correction End and is $60K Possible? (BTC Price Analysis) Crypto News

Bitcoin’s price has failed to make a new all-time high and is currently going through a correction. Yet, the bull market might still be far from over.

Technical Analysis

By TradingRage

The Daily Chart

On the daily chart, the price has failed to hold above the $66K level and is currently going through a correction. This is not a good sign, as the cryptocurrency recently broke above a large descending channel but has struggled to continue higher, making it a fake breakout.

The RSI has also dropped below 50%, indicating that the momentum is bearish once more. It seems that a decline toward the $60K support zone is probable at the moment.

Source: TradingView

The 4-Hour Chart

Looking at the 4-hour chart, things seem a little better. The price has been consolidating inside a horizontal channel. While the market has recently broken below the channel, it has quickly recovered back inside it.

If the price climbs back inside the channel, the market can test the higher boundary of the pattern once more, located around the $72K mark. However, if the channel breaks down, a drop toward the $60K level would be imminent.

The NFT Unicorn svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyNTYwIDEyNTMiIHdpZHRoPSIyNTYwIiBoZWlnaHQ9IjEyNTMiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDYlMkZCVENVU0RULTRILUp1bi0xNS0yMDI0LXNjYWxlZC5qcGciIGRhdGEtdz0iMjU2MCIgZGF0YS1oPSIxMjUzIiBkYXRhLWJpcD0iIj48L3N2Zz4= When Will the Bitcoin Correction End and is $60K Possible? (BTC Price Analysis) Crypto News
Source: TradingView
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Cryptocurrency charts by TradingView.

Source: CryptoPotato