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After the recent rally in bitcoin price and a successful breakout above the important resistance level of $30K, the market is now undergoing a consolidation phase. However, notable signs are emerging during this phase.
technical analysis
by: edris
Daily Chart:
On the daily chart, the price has repeatedly tested the $30K level since crossing it recently. While this level has provided support so far, the RSI indicator is showing worrying signs in the form of a bearish divergence.
This indicates the possibility of a correction or reversal in the near term. If there is a downside break, the 50-day and 200-day EMAs could act as important support levels at the $28K and $26K marks, respectively.
Conversely, if the price continues to rise, a move towards the $38K resistance area becomes a plausible scenario.
4 hour chart:
On the 4-hour chart, the price has displayed erratic and unpredictable movements in recent weeks, making it difficult to determine its future direction. The $30K level is being tested once again, and a possible break could result in a drop towards the $27,500 level.
The RSI indicator has been relatively flat, hovering around 50%, suggesting a lack of clear dominance of either buyers or sellers. The ongoing battle near the crucial $30K area further reinforces the short-term uncertainty in the market.
on-chain analysis
by: edris
bitcoin exchange reserve
The recent rise in the price of bitcoin has triggered a discussion on whether market participants are selling their coins for minimal gains or opting to hold them for the long term.
By analyzing the Bitcoin Exchange Reserves metric, which tracks the amount of BTC held in exchange wallets, we can gain insight into investor behavior. An increase in this metric indicates that investors are hoarding their coins on exchanges, possibly with the intention of selling them. Conversely, a shortage suggests that investors are withdrawing their BTC from exchanges, indicating a preference to hold their coins for an extended period of time.
Recent data shows a significant decline in the Bitcoin Exchange Reserves metric over the past month. This decline indicates a bullish sentiment among market participants, as they expect a further rise in the price and are willing to hold their coins.
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cryptocurrency chart by Tradingview.
