🚀 Bitcoin Price Analysis: What's Next for BTC? 🚀

Bitcoin enthusiasts, hold onto your hats! Yesterday, BTC took a nosedive, breaking the $64K support level and sending ripples through the crypto market. The price now hovers in a critical zone that could shape the mid-term future of the market.

📉 Daily Chart Insights

BTC has been on a downward spiral since hitting a double top at $68K. The breach of the $64K level has led to a test of the 200-day moving average. If this fails, we might see a deeper plunge toward $52K. The RSI below 50% suggests bearish momentum could continue.

📈 4-Hour Chart Hope

On a brighter note, the 4-hour chart shows a rebound from $60K support, trading within the $60K-$64K range. A retest of $60K seems likely, and its outcome will be crucial for future trends.

🔍 On-Chain Analysis

The Short-Term Holder SOPR metric indicates that short-term holders are realizing minimal profits. A continued decline could flood the market with excess supply as holders offload their coins.

Stay tuned, BTC fans! 🌟