Bitcoin Eyes 50K As Correction Continues

Profit takers continue to sell Bitcoin as the greenback rallies alongside higher US yields and even higher US stocks. As of writing, the Bitcoin price is trading above 56k but the consolidation above this level has formed a bear flag, signaling more downside for the honey badger of money in the near term. Based on the chart data, the nearest downside support falls slightly under the 50k level where we believe long entries from eager buyers could push the price up to as high as 54k.