Bitcoin resumed its sell-off and now is trading at 23,879 at the time of writing. After its strong rally, a temporary retreat was natural. It has dropped by 6.56% from yesterday's high of 25,270 to 23,594 today's low.
The bias is still bullish despite the current retreat. In the last 24 hours, BTC/USD is down by 3.47% but it's still up by 2.27% in the last 7 days.
BTC/USD Extended Its Sell-Off!
BTC/USD dropped a little after registering only false breakouts above 25,212. Now, it has ignored the median line (ML) of the ascending pitchfork and it challenges the weekly pivot point of 23,647.
Technically, the bias remains bullish as long as it stays above the 23,369 former low. After its previous rally, the current retreat was natural.
BTC/USD Outlook!
A valid breakdown below 23,369 activates a larger downside movement. A false breakdown below this level announces a new upside momentum.
