Bitcoin price fell after news of the conflict in the Middle East. However, the market seems to have recovered. 📉

The daily chart shows that the price has fallen below the $64K level and the 200-day moving average. However, the $60K support area has held BTC and pushed the price back towards the 200-day moving average.

The 4-hour chart shows that the market structure has turned bearish and formed a base at $60K. The RSI indicator is also indicating an oversold condition. Now everything depends on whether the price can break above $64K.

In on-chain analysis, the Bitcoin Net Realized Profit and Loss (NRPL) metric shows that the market has been consolidating for six months. NRPL has fallen to levels seen when the price was around $30K. This indicates that BTC may be preparing for a new bullish move in the coming months. 🚀