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Bitcoin’s lower lows worry traders — But is the BTC bull market really in danger?

Bitcoin bounced off $53,000 support but another leg down should not be ruled out in the near term.
Bitcoin’s (BTC) price has seen massive gains in recent months as the price of Bitcoin accelerated from $11,000 to nearly $62,000. However, such impressive rallies also include relatively calm periods of price action. These periods are consolidative and are needed for the market to find a new floor. In bull markets, bullish continuation is likely after these periods of ranging before another leg up can happen. Currently, Bitcoin’s price seems to be in such a period just over a week after hitting all-time highs above $61,000. $53K level has to hold to avoid more downsideBTC/USD 4-hour chart. Source: TradingViewThe 4-hour chart for BTC/USD shows a clear downtrend since its recent all-time high in mid-March. This happened after a breakthrough past $58,000. However, this move showed weakness as there wasn’t any sign of new buyers stepping in for more upside. In other words, a bullish strength would be demonstrated with an increase in volume, which didn’t happen. Therefore, a correction back to $50,000 is a very normal and healthy occurrence for this market. Moreover, the chart shows a short-term downtrend in which lower highs and lower lows are being constructed. In this regard, Bitcoin’s price landed on the $53,000 support zone, which can be classified as the critical support zone to hold.If this $53,000 support doesn’t hold, a further correction towards $49,000-50,800 is inevitable, and the markets are going to see more …
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