Bitcoin's recent performance has attracted a lot of attention due to the sharp decline in its value. The cryptocurrency is approaching the 200-day moving average, a critical threshold. In order for Bitcoin to reach this technical point, it must first surpass $60K, which is currently an important support level in the market.
Insights from the Daily Chart
On the daily time frame, Bitcoin appears to be rapidly approaching the 200-day moving average at around $57K. This follows a failure to stay above the $60K level. The Relative Strength Index (RSI) is also moving towards the oversold territory, which could indicate a potential bullish reversal in the near future.
4-Hour Chart Analysis
The 4-hour chart offers a more detailed view of recent price fluctuations. After falling below the $65K level, Bitcoin broke below $60K and then experienced a modest recovery. This false breakout caused significant long positions to be liquidated and raised questions about whether the asset could maintain support at $60K and $57K. Holding at these levels could signal a reversal, but the market remains cautious.
On-chain Metrics: An In-Depth Investigation
Recent on-chain data analysis further complicates the outlook for Bitcoin, particularly with the behavior of long-term holders.
Long-Term Owners SOPR Assessment
Fears of a local top for Bitcoin are fueled by the Long-Term Owner Spent Output Profit Ratio (SOPR). This metric shows a higher profit realization rate among investors who hold Bitcoin for more than six months. While taking profits despite the price remaining below the previous $69K level is generally expected in a bull market, the current scale is concerning. Prolonged selling pressure resulting from profit taking can push the price lower and weaken the momentum of the bull market.
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