Up or down? These Bitcoin price levels hint at the next move from $13K

Bitcoin price has had a tremendous month as the price rallied from $10,500 to $13,800.

Bitcoin's price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout.

The $13,500-14,000 area confirming resistance for Bitcoin.

Bitcoin retraced heavily in recent days, but even Silver showed a 6% correction in just a day.

As the data shows, the correlation between Bitcoin and the DXY index became inverse since the March crash.

What can be derived from this data is that the likelihood of further corrections for Bitcoin are increasing amid the legacy markets' weakness and social unrest surrounding the potential lockdowns.

A correction wouldn't necessarily be unhealthy for the Bitcoin market at this point as that may lead to further accumulation.

At best, Bitcoin is at the start of a new cycle, through which the boring sideways part will keep recurring.

Once all levels are tested, parabolic movements can occur in price discovery.

Such a drop would warrant massive selloffs across all crypto markets with altcoins taking the biggest losses from such a correction on Bitcoin.