Bitcoin struggled to surpass the $75,000 resistance level and the recent downtrend broke the $65,000 support level. Currently, Bitcoin is consolidated at $60,000, with the 200-day moving average providing additional support around $57,000. The overall bull trend continues as long as Bitcoin continues to trade above this critical moving average.
Short Term Chart Analysis
On the four-hour chart, Bitcoin briefly dipped below the $60,000 support level, but quickly recovered; This may signal a false breakout. This potentially signals a rally to $65,000 in the short term. However, since the RSI is still below 50, it is possible that Bitcoin could pull back below the $60,000 support level if the selling pressure continues.
Bitcoin Whale Activity
On-chain metrics can provide important insights, especially during periods of market uncertainty. The Bitcoin whale rate metric, which tracks large BTC investments into exchange accounts, points to increased whale activity recently. Values ââabove 0.5 may indicate significant selling by large holders, and if this trend continues, it could increase supply, pushing Bitcoin's price even lower.
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I EXPLAIN IN DETAIL.
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