Bitcoin Enters New Corrective Period, Bears Aim for $26,000

[Rakin343]

Bitcoin’s latest correction may get a bit steeper as it sits underneath a massive supply barrier and on top of weak support.
The pioneer cryptocurrency has enjoyed an impressive bull rally over the past few months. Since early September 2020, Bitcoin saw its market value skyrocket by nearly 330%.

BTC’s price went from trading at a low of $9,800 to make a new all-time high of $42,125.

Given that such a bull did not experience any major corrections, multiple on-chain metrics suggested that Bitcoin was hovering in overbought territory.

The pessimistic scenario seems to have been confirmed recently after a spike in selling pressure sent prices below a critical support barrier. Indeed, BTC appears to have broken below the lower trendline of a symmetrical triangle that had been developing since the peak on Jan. 8.

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