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Bitcoin slips after a five-wave advance, 100,000 still in play
Bitcoin was down near 2% in the latest intraday snapshot, after retreating from a reported 87,354.33 high.
Bitcoin appears to have completed a five-wave advance around 87,354, with 85,131.78 described as a key pivot for whether a correction begins, Action Forex reported.
The outlet said early signs of deeper weakness are emerging, but a pullback toward a 75,000 to 76,000 base could still leave the broader recovery intact.
In the latest intraday snapshot, Bitcoin was trading around 82,950, down close to 2% on the day after stepping back from the 87,354.33 high.
Action Forex cited deterioration on the short-term chart, including a slip below the four-hour 55 EMA near 83,287 and bearish divergence on MACD and price action, while noting this does not by itself end the rally and that a move toward 100,000 remains possible later in the year.
Latest closeBitcoin $81,906.63 ▼1.4%