Bitcoin’s price is experiencing a downtrend at the moment, as it has failed to continue its rally above $70K. This begs the question if the bull market has come to a halt or if that’s just a temporary correction.
The 200-day moving average is also located around $57K and could support the market if $60K breaks down. Overall, the trend can still be considered bullish while BTC is trading above its 200-day moving average.The 4-hour chart shows that the price briefly broke below the $60K support level a few days ago but quickly climbed back above. This is a classic fake breakout behavior and could indicate a rally toward the $65K level in the short term.
Analyzing Bitcoin on-chain metrics can be very helpful in situations where the market is seemingly reversing. This chart demonstrates the BTC whale ratio metric, which measures the ratio of large deposits to the exchanges and assumes that they belong to the whales.
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