đ Bitcoin's Rollercoaster Ride: What's Next? đ
Bitcoin's price has seen a dip of nearly 10% this past week, struggling to stay above $58,000. đ While the daily chart shows consolidation around $60K, a rejection from the $64K resistance line and the 200-day moving average suggests a test of the $56K support level is imminent. The RSI indicator also hints at bearish momentum.
However, on-chain analysis tells a different story. The Bitcoin Exchange Reserve metric shows a significant decline, indicating an accumulation phase. đ This could mean a supply shrink and potential for a new price rally! đ
Stay tuned, BTC enthusiasts! đ