After a solid rally there will always be a correction, it is in the nature of markets. Bitcoin’s parabolic surge to just under $14,000 in barely three months had to end somewhere and this week that pullback has deepened. Most are confident that a new bull market has been established so new buyback zones are being sought and the moving averages could be key again.
The correction has accelerated today as BTC fell back below $10k, hitting $9,950 twice over the past few hours. On the hourly chart the digital asset has already fallen below the 50 and 200 moving averages and it is trading between them on the 4 hour chart. It is clear that the current 25 percent correction is not over as BTC continues to fall.