Bitcoin’s Dive: Abrupt Price Correction amid Still-Bullish Outlook

Bitcoin (BTCUSD) abruptly reversed gains earlier today, on April 19, as a series of long liquidations sent BTC/USD plummeting lower. The sudden move followed an equally strong rebound above the $30,000 mark the day prior, with bulls ultimately unable to preserve higher levels.

As volatility returned, Bitcoin faltered and slid to its lowest since April 10 as the upside saw its latest challenge. Hours prior, monitoring Glassnode vital market health Indicators had flagged changing conditions on the Binance order book, arguing that the result could still swing both ways, with either bulls or bears profiting.

Still, certain shorter technical analysis patterns on the daily chart provides hints at a bullish BTC price outlook for at least the next couple of weeks. It shows that the rate of increase accelerated after the price bounced back, lifted by gaining trade volumes, at the 0.618 Fib retracement support level on March 10.