Bitcoin price after hitting the milestone at $50,000, quickly retraced below the levels and swinging close to the support zone. No doubt the price kept attempting hard to rebound but the bears are currently trying to gain control. And hence the BTC price has begun to form new lower lows. 

The price has bounced multiple times on hitting the trend line previously and hence a similar bounce is expected currently. But if in case the price fails to rebound, then the levels close to $44000 could be on cards. However, the possibility of a substantial rebound appears to be on the higher side. Yet the fear of a massive rebound still haunts the rally until the resistance levels at $51K are cleared.

Also Read: Berish Divergence Hovering Ethereum Price Rally, Is $3000 Levels On Stake?

Despite the price is following the uptrend, the indicators don’t seem to be pretty bullish as RSI has flipped into a bearish divergence. Also, the MACD showcases the mounting selling pressure in the hourly chart. Despite the trading volume is comparatively higher, yet the buying volume is not up to the mark in order to ease the selling. 

On the other hand, the Bitcoin has rate is also recovering at a greater pace. The hash rate has recovered nearly 40% since the mid-may crash and continues to recover. However, despite the downtrend, yet the price is expected to hit the target at $100K. 

Some stupid bears still think we are in a bear market.😂
They compare the bear market (early 2018-Mar 2020) with the bull market (Mar 2020-Until today)
10-30% corrections are usual during the uptrend.
Look at the corrections of wave 3.#Bitcoin $BTC #BTC pic.twitter.com/FJbYuF6OER

— Johnny Woo | Never DM you for Money (@j0hnnyw00) August 25, 2021

According to the analyst, Johnny Woo, the current correction is a part of the bull market that initiated after the crash in March. Therefore, a substantial rebound above $50K could follow after a healthy correction. Yet the BTC price seems to be self-assured to hit the upper targets very soon.