🚀 **Bitcoin's Rollercoaster Ride: What’s Next?** 🚀
After an exhilarating rally, Bitcoin hit a speed bump at the $70K mark, signaling some selling pressure. But don't fret! 🌟 The price is still above the crucial 100-day moving average (MA), suggesting that a short-term consolidation phase could be on the horizon before the next big move.
📊 **Daily Chart Insights:**
Bitcoin's climb above the 100-day MA at $64.4K was impressive, but the $70K resistance proved tough. As long as BTC stays above the 100 and 200-day MAs, the market remains bullish, with hopes for a new all-time high (ATH) soon.
📉 **4-Hour Chart Analysis:**
After surging past $55K, Bitcoin faced selling pressure at $68K, forming an ascending wedge pattern. A bearish divergence hints at a possible short-term dip to $65K, but breaking the wedge's upper boundary could trigger another rally.
🔍 **On-chain Analysis:**
Futures market metrics show a drop in the Taker Buy/Sell Ratio below one, indicating traders expect more consolidation and minor retracements.
Stay tuned, BTC enthusiasts! The next move could be just around the corner. 🚀