Bitcoin’s price has recovered from its sudden drop from $75K and is currently targeting the same level again. Market participants are eagerly waiting for the market to make a new record high soon.
The Relative Strength Index is also showing values above 50%, indicating that the momentum is in favor of a bullish continuation. It might be time before Bitcoin makes a new record high.Looking at the 4-hour timeframe, it is evident that the price has broken the large descending channel pattern to the upside.
The recent decline in Bitcoin exchange reserves, reaching new lows amidst rapid drops, suggests a tightening of available supply in the market. This diminishing reserve trend often correlates with increased demand for Bitcoin, potentially setting the stage for a surge in its price in the upcoming weeks.
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