Recently, we saw a solid downside correction from the $5,460 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,300 and $5,200 support levels. There was even a close below the $5,200 level and the 100 hourly simple moving average. However, as discussed in one of the recent analysis, bitcoin did find a strong support near the $4.9-5.0k zone. The price traded towards the $4,900 support and formed a low near the $4,922 level.