Bitcoin Price Analysis: BTC/USD Correction or Reversal?

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Bitcoin retreated after its earlier strong rally as the price fell back to the bottom of the ascending channel on its 1-hour time frame. If support holds, the price could recover to the resistance levels marked by the Fibonacci extension tool.

The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. The gap between the moving averages is still sufficiently…

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