However, while some in the market lament this downtrend, it is important to look at what a correction like this might mean for the digital asset.
Now, for the present market, this looks to be more of a good thing for the digital asset given where the price has landed.
However, after building up so much momentum, there was bound to be a drawback and the result of that has been a declining value.
As long as bitcoin is able to hold above $45,000, then the power still firmly rests in the hands of bulls meaning that the cryptocurrency is likely to continue in its current bullish path.
The main pain point now remains to solidify this position over the long term and in order to do this, the digital asset has to beat the 100-day simple moving average.
It remains a buyer’s market although how long this last will be determined by the performance over the next week.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.