BTC is currently in a long-term correction, which has also deepened in the last 24 hours, when the spot price lost almost 10% of its value. The growing trend lasted exactly 2 months cryptocurrency but seems to have ended a bearish the flag will eventually be overcome.
At the time of writing, the market price currently stands at support bearish flags and we can expect short-term price stagnation in this zone. However, the price is likely to continue to correct and it will be important to watch where the next local low is formed. The latter in the long term is at $17,600.
BTC is headed for a new low
In the short term, we are still watching the support area around point of control $20,900, but the price will not hold this zone with a high probability. The volume structure also recorded a trend reversal, despite the fact that the price is still in the flag. We can consider it a long-term support and at the same time buying area $12,000.
On-chain metrics suggest the final phase of BTC’s correction which was finally reflected in the collapse of the price, which is currently forming the final phase of capitulation, after which a period of long-term accumulation should occur, and only after a few months we could expect a new growing trend.