The bitcoin price on Thursday depreciated as much as 10. 33-percent against the US dollar. The cryptocurrency reached an intraday low at $4,833 in an interim bearish correction. It was already trending inside an overbought zone when the downside action started.

Traders found a decent opportunity to exit their long positions around bitcoin’s fresh yearly high at $5,342, prompting a sharp pullback towards $4,789, the higher-low from yesterday. The price didn’t extend the correction and started consolidating within a new trading range instead. Bitcoin Price Consolidates Below $5,000 Coinbase data showed that bitcoin was more likely to extend its bearish correction

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