📈 Bitcoin struggles to hit a key resistance level, a sign of a possible temporary consolidation ahead.

Technical analysis:

- Daily chart: Bitcoin surpassed psychological threshold of $40K, spiked to $44.7K but failed to maintain upward momentum.

- 4-hour chart: Double-top formation, price drops 10% and enters medium-term consolidation between $44K and $40K.

On-chain analysis:

- MVRV Index shows that Bitcoin could start a new bull cycle when the price surpasses $40K.

Source: CryptoPotato 🥔