Bitcoin’s price has dropped rapidly over the last few days after failing to keep above the $70K level. The market is currently approaching a fundamental level.
With the 200-day moving average around the $58K mark, a break below $60K could lead to a retest of the moving average. Overall, the market’s mid-term fate relies on the price’s reaction to these support elements.On the 4-hour chart, the large falling wedge pattern has finally been broken to the downside, and the price is aggressively approaching the $60K support zone. The Relative Strength Index has also declined rapidly and is showing values below 30% at the moment.
While Bitcoin’s price has decreased recently, many market participants are seeing their unrealized profits shrink. Meanwhile, some holders have realized their profits and exited the market before going into a loss. The STH SOPR is trending down, as is the BTC price. The short-term holders are on the verge of realizing losses, which would happen if the market drops below $60K.
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