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- Bitcoin’s price rally has come to a halt over the last couple of months as the market consolidates, with potential for significant change on the horizon.
- Technical analysis reveals that Bitcoin price has been consolidating inside a large descending channel, testing the $60K level once again.
- On-chain analysis indicates a rise in exchange reserve metric, suggesting that investors are depositing their coins to exchanges to sell them.
As Bitcoin’s price rally stagnates, technical and on-chain analysis reveal potential for significant market shifts. Investors are urged to monitor developments closely.
Technical Analysis: A Closer Look
On the daily chart, Bitcoin’s price has been consolidating inside a large descending channel. The midline of this channel has recently rejected the price to the downside, and the market is testing the $60K level once again. If this level breaks, there is a high probability for the channel also to break down, potentially leading to a massive drop toward the $52K support zone.
Insights from the 4-Hour Chart
The 4-hour chart provides a clearer picture. The price has recently tested the midline of the channel but has been rejected decisively. Today’s action gives us the most significant clue, as the price has been dropping aggressively. The RSI also shows values below 50%, indicating that momentum is in favor of the sellers. Therefore, if the $60K level breaks to the downside, the market could experience a significant downturn.
On-Chain Analysis: What the Exchange Reserve Tells Us
As Bitcoin’s price struggles to continue its uptrend and record a new high, the bears have been taking advantage and are now seemingly staging a further decline. The exchange reserve metric and its 30-day standard moving average have been rising. This increase is usually considered bearish, as it suggests that investors are depositing their coins to exchanges to sell them. This supply from the spot market is one of the contributing factors to the recent correction.
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Conclusion
With Bitcoin’s price rally stagnating and technical and on-chain analysis indicating potential for significant market shifts, investors are urged to monitor developments closely. The breaking of the $60K level could trigger a substantial market downturn, while a rise in the exchange reserve metric suggests an increase in selling activity. As always, investors should conduct their own research and make informed decisions.
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