🚀 Bitcoin Price Update: A Breakout on the Horizon? 🚀

Bitcoin's price is currently in a state of indecision, tightly squeezed between the 100-day and 200-day moving averages. This consolidation phase, which has persisted since March 2024, has kept BTC within the $55K-$71K range. The market is in a delicate balance, with accumulation at the lower end and distribution at the top.

📊 On the daily chart, BTC recently dipped below the 200-day moving average at $63.4K but found support at the 100-day moving average at $61K. This low-volatility phase suggests an impending breakout that could set the tone for Bitcoin's short-term direction.

🔍 The 4-hour chart reveals an ascending wedge pattern, indicating potential continuation of the bearish trend if BTC breaks downward. Key support levels to watch are $60K and $58K.

📈 On-chain analysis shows Bitcoin's price hovering between the realized prices of short-term ($64K) and long-term ($55K) holders. A breakthrough above $64K could signal bullish momentum, while failure to do so might lead to bearish retracements.

Stay tuned for the next big move! 🌟