Bitcoin Climbed Above the $50,000 Resistance but Recently Started a Downside Correction- Feb. 21st

Bitcoin rushed higher twice yesterday. The high position was under pressure at the $57,600 level, but it did not last long. The market has also ushered in a reversal. The bear trend has once again exerted its strength and repeatedly tested the support of the 10-day defense line. Last night, the market also failed to rise, and there was a sharp drop. It was once contacted by the 60-day defense line. The current price is running around $56,500.

According to the hourly chart, the price of Bitcoin is on the offensive in the morning, but the bullish situation is gradually heating up. The price is slowly testing the pressure of the 30-day line of defense. At present, the Bollinger Band is running slowly and smoothly, and the 10th line is following the 5-day line has become a death-cross trend, and the follow-up market still has room to fall. The second upside temptation shows that the bulls are still warm and have not dissipated, and the follow-up operations are mostly based on callbacks.

The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Tag: xbt, btc market analysis, corrections, resistance and support level