Bitcoin Price Analysis: BTC Undergoes Massive Correction Below $70K, What’s Next?

Bitcoin’s price has finally corrected after weeks of aggressive rallying. It dropped by around 10% recently, leaving market participants wondering whether a deeper crash should be expected.

Meanwhile, the Relative Strength Index has been showing a clear bearish divergence lately, indicating that the market is likely to go through a more prolonged correction phase.On the 4-hour chart, the price action looks much clearer. The market has made a high below the $75K level and is currently testing the $68K support zone.

While Bitcoin’s price has finally shown some willingness to pull back after making a new all-time high, it might be beneficial to analyze the underlying fundamentals of the network to figure out the reason.

Source: Digital Coin News (digitalcoinnews.net)

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