Over the last few weeks, Bitcoin‘s sharp rally has put the largest digital asset in the spotlight of the crypto market, with BTC surging to new all-time highs on Wednesday. While this leg up has been remarkable, BTC might be poised for a potential correction as the uptrend has started to show signs of cooling off, raising speculations among investors and traders about its price performance in the near term.

A Potential Correction Phase Sparks For Bitcoin

Certain developments around Bitcoin show that the crypto asset may be on the verge of a price correction after its recent significant upside movement. Given the decreasing price momentum and overbought circumstances indicated by technical indicators, it appears that BTC’s current price level is due to this short-term pullback before rallying once again. 

According to analysts at IC News, traders are presently waiting on huge unrealized profits as BTC continues to rise. Specifically, this makes it more likely that the rally will stall and a price correction will take place, offering potential purchases at lower price levels. Thus far, several crucial support levels are being closely observed to determine BTC’s capacity to sustain its upward direction or whether a more substantial dip may occur.

It is worth noting that the anticipated pullback for Bitcoin is also indicated by the key Relative Strength Index (RSI) indicator, which has moved into an overbought territory due to the strong uptick in

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Author: Godspower Owie