Bitcoin Price Watch: BTC Following Slow and Steady Uptrend

Bitcoin price corrected lower recently below the $3,640 and $3,580 supports against the US Dollar. There is a contracting triangle forming with resistance near $3,625 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could either climb above the $3,625 resistance or extend the correction below $3,560.

Bitcoin price declined recently below the $3,580 support against the US Dollar. BTC found support near $3,550 and it seems like the market is preparing for the next move in the near term.

Bitcoin Price Analysis

After trading above the $3,700 resistance, bitcoin price started a downside correction against the US Dollar. The BTC/USD pair topped at $3,745 and later corrected below $3,700 and $3,640. There was a break below the 23.6% Fib retracement level of the last leg from the $3,340 swing low to $3,745 high. More importantly, there was a break below the $3,600 and $3,580 support levels. The price traded close to the $3,550 support area, where buyers emerged.

There was a complete test of the 50% Fib retracement level of the last leg from the $3,340 swing low to $3,745 high. Besides, the 100 hourly simple moving average acted as a strong support and