Bitcoin Price Analysis: Will BTC Fall Below $60,000 Again?

The price of Bitcoin is currently in a downtrend and has failed to continue past $70,000. This begs the question: has the bull run stalled or is this just a temporary correction.

The daily chart shows that Bitcoin price has failed to break above the $75,000 resistance level several times and is currently in a downtrend. The $65,000 support level has also been lost, but the key $60,000 level is currently supporting the price.

The 200-day moving average is also located around $57,000 and could support the market if $60,000 breaks. Overall, the trend can still be considered bullish when BTC is trading above its 200-day moving average.

The 4-hour chart shows that the price briefly fell below the $60,000 support level a few days ago but quickly moved back above it. This is a typical false breakout behavior and could signal a rally towards the $65,000 level in the short term.

However, the RSI value is still below 50%, which means that momentum is still in favor of sellers. Therefore, a drop below the $60,000 level is still possible.

In the case of a seemingly reversal in the market, analyzing Bitcoin on-chain indicators can be very helpful. This chart showcases the BTC whale ratio indicator, which measures the ratio of large deposits on exchanges and assumes that they belong to whales.

Therefore, a higher reading could indicate that Bitcoin whales are actively depositing their coins on exchanges, most likely with the intention of selling.

Apparently, the whale ratio has recently reached values ​​above 0.5, which is quite high. This indicates that whales are selling their coins in large quantities. Therefore, if this trend continues, the price of Bitcoin could fall further as the market will be overwhelmed by the oversupply.

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