Although the crypto price action has been volatile in the past few days, Glassnode data shows thatBitcoin through the Grayscale Bitcoin Trust shares since December 2021.
This short-term bearish view will invalidate if the price turns up from the current level and breaks above the 20-day exponential moving average . That will indicate strong buying at lower levels. The bulls will then attempt to push the price toward the resistance line of the channel. The next trending move is likely to begin after the pair breaks above or below the channel.
A break and close above this level could clear the path for a possible retest of the psychological resistance at $1. Conversely, if the price slips and sustains below $0.69, it will suggest that bears are back in control. The pair could then drop to $0.62.The 4-hour chart shows that the pair is currently range-bound between $0.80 and $0.70. If buyers push the price above the downtrend line, the pair could challenge the overhead resistance at $0.80.
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