Bitcoin (BTC) earlier this morning showed a slight jump to the price of $ 17,410, up 1.25% from the 24-hour low of $ 16,943.
Satoshi Nakamoto's asset performance over the past few months has been so lucrative, recording a breakout record before failing to overcome all-time high (ATH), leading to a relatively large price correction.
Technical indicators on daily timeframes have reached the long term for oversold conditions and weekly timeframes have penetrated the bull market area.
However, while the asset trend is 'warm', price correction is also deteriorating.
Bitcoin yesterday was set at a high of $ 19,500 and the asset managed to surpass the low of $ 16,100 today, now as the writing is slightly down to $ 17,209.
The recent price hike will lead to a purchase in each depreciation, potentially receiving pressure first before the next surge.
For now, on weekly timeframes, the correction is expected to reach 37% around $ 12,400. Data also shows that in the last bull market, BTC has declined by 37%.
