Bitcoin’s price has failed to keep up its upward momentum and has yet to set a new record high above the $75K level. Given the current price action, even a deeper correction is probable.
The $60K support level seems like a valid target for the upcoming weeks, and the 200-day moving average trending around the $56K mark can be the next target for the worst-case scenario.Looking at the 4-hour timeframe, things seem more apparent. The price has been forming an ascending channel pattern around the $70K resistance zone. Yet, the channel is getting broken to the downside, which is a classical bearish reversal indication.
While Bitcoin’s bullish momentum is seemingly fading, things are going strong in the background. This chart demonstrates the BTC exchange reserve metric, which measures the amount of Bitcoin held in exchange wallets.