๐ฃCalling all Bitcoin enthusiasts!๐ฃ BTC's price is currently on a downtrend, failing to rally above $70K. But don't panic just yet!๐ This could be a temporary correction, not necessarily the end of the bull market.๐
๐Technical Analysis๐
The daily chart shows BTC struggling to rise above the $75K resistance zone. It's even slipped below the $65K support. But hey, the $60K level is still holding!๐ The 200-day moving average is around $57K, which could provide support if $60K breaks down. As long as BTC trades above this average, we're still in bullish territory.๐
The 4-hour chart reveals a brief dip below $60K a few days ago, but BTC quickly bounced back. Classic fake breakout!๐ญ This could signal a rally toward $65K in the short term. But beware, the RSI is still below 50%, so the momentum is with the sellers. A drop below $60K is still possible.๐ฌ
๐On-Chain Analysis๐
The BTC whale ratio metric, measuring the ratio of large deposits to exchanges, shows higher readings. This suggests that Bitcoin whales are selling their coins aggressively.๐ณ The ratio has recently exceeded 0.5, indicating significant selling volumes. If this trend continues, we might see BTC's price drop further due to excess supply.๐
So, keep your eyes peeled, folks! The Bitcoin rollercoaster ride continues!๐ข๐