Bitcoin’s price is showing a lack of recovery after a recent drop last week. Technical Analysis suggests that the price is consolidating within a tight range on the daily chart following a significant drop from the $30K resistance zone. The breaking of the 200-day moving average to the downside indicates a clear bearish trend. However, the oversold signal from the Relative Strength Index (RSI) suggests that the price may retrace higher in the short term. A retest of the 200-day moving average is likely, and if the price fails to climb above it, a further decline towards the $20K support level could be expected.
On the 4-hour chart, the price has been ranging between $27,500 and $25,000 in recent days. If the Market breaks above the $27,500 resistance level, there is a possibility of testing the significant $30K zone again. However, if the $25K level fails to hold, a bearish continuation is likely.
On-chain analysis reveals that Bitcoin’s short-term holder spent output profit ratio (SOPR) has dropped below 1 after more than six months. This metric indicates whether short-term holders are selling at a profit or a loss. Values below 1 suggest losses being realized, which is often seen in bear markets. However, if the metric quickly recovers above one, it could indicate a bear trap and a potential change in behavior.
Overall, the short-term outlook for Bitcoin does not appear positive, with technical and on-chain analysis suggesting further declines. However, the oversold signal and the possibility of a retest of the 200-day moving average provide some hope for a short-term recovery. Investors should conduct their own research and use the provided information at their own risk..
#BTC #Hold #Level #25K #Breakdown #Bitcoin #Price #Analysis
On the 4-hour chart, the price has been ranging between $27,500 and $25,000 in recent days. If the Market breaks above the $27,500 resistance level, there is a possibility of testing the significant $30K zone again. However, if the $25K level fails to hold, a bearish continuation is likely.
On-chain analysis reveals that Bitcoin’s short-term holder spent output profit ratio (SOPR) has dropped below 1 after more than six months. This metric indicates whether short-term holders are selling at a profit or a loss. Values below 1 suggest losses being realized, which is often seen in bear markets. However, if the metric quickly recovers above one, it could indicate a bear trap and a potential change in behavior.
Overall, the short-term outlook for Bitcoin does not appear positive, with technical and on-chain analysis suggesting further declines. However, the oversold signal and the possibility of a retest of the 200-day moving average provide some hope for a short-term recovery. Investors should conduct their own research and use the provided information at their own risk..
#BTC #Hold #Level #25K #Breakdown #Bitcoin #Price #Analysis
