Bitcoin continues to lose significant support levels in the market with the recent price drop, creating concern among investors. Depreciation could be a sign of a deeper collapse, but it could also point to a potential bear trap that could reverse. Technical indicators present a complex picture; Important levels are being tested and signs of potential recoveries are being seen.
Bitcoin Tests Important Support Levels
In the last few days, Bitcoin has fallen below the important $60,000 level and its 200-day moving average, and is currently trading at around $57,000. A fall below the 200-day moving average is generally considered a turning point that signals the end of the bull market. However, a break below this level has not yet been confirmed by the daily close. Yesterday's candle on the daily chart shows a reversal pattern with a long shadow; This indicates that the decline may stop and a consolidation or short-term recovery may occur soon.
When the four-hour chart is examined, it is seen that Bitcoin continues its downward trend at the lower and upper points and there are multiple broken support levels. Bitcoin is currently retesting the $57,000 level from a lower position; Regaining this level could support bulls' recovery in the short term. The Relative Strength Index (RSI) has begun to recover from oversold conditions, indicating that a reversal may be possible. However, this recovery may remain weak as long as the transaction remains below the $60,000 resistance line.
Beyond price movements, on-chain analysis reveals the health and behavior of the Bitcoin network. A telling metric is Bitcoin Real Hashrate Withdrawal, which reflects declines in the network's computing power. This figure marks the lows seen since the last bear market and shows miners exiting due to unprofitable conditions. In the past, large declines in hashrate have predicted market bottoms, but this data may remain speculative without being confirmed by price movements.
Massive hashrate decline signals capitulation among Bitcoin miners, which is often considered a sign of a bear market. However, this could also indicate that weak miners are exiting, perhaps leading to a recovery driven by resisting participants. Enthusiastic Bitcoin supporters may view the current phase as an opportune moment to accumulate for future price recoveries. However, overall market sentiment highlights the need for caution with an uncertain outlook.
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