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Bitcoin’s price fell sharply, nosediving by 5.67% to $41296. However, technical indicators and on-chain data indicate that Bitcoin remains strong as bulls attempt to push it back above $44,000.
According to on-chain data, Bitcoin has reached its Crosby Ratio golden ratio multiplier near-term target. Above $40,000, the price has reached overbought conditions, indicating that buying pressure may diminish as traders see the rally winding down and potentially book profits.
The ongoing Bitcoin market correction is caused by the stiffness of the barrier around the $44,000 supply zone.
The Bitcoin exchange flow balance is now -347. Buyers are aiming for a break above $44,000, which could lead to Bitcoin reaching the psychological level of $50,000 by the end of the current year.
