BTC Bull Run Halted After Crash At $57,000 Or A Healthy Correction? (Bitcoin Price Analysis)

The price of Bitcoin has been consolidating above $60,000 for the past few months. However, the price has fallen below the current level and investors are panicking and wondering if the bull market is over.

Technical Analysis

By TradingRage

The daily chart

On the daily chart, the price has created a large descending channel pattern since March. However, it has broken it to the downside and the cryptocurrency is aggressively falling towards the $52,000 support level.

The 200-day moving average is also trending around $50,000 and could be Bitcoin’s last resort in case of a deeper decline. Either way, if the market falls below these levels, the downward pressure would intensify.

Source: TradingView The 4-hour chart

Considering the 4-hour period, the price was rejected from the middle line of the channel a few days ago. It has made lower highs and lower lows since then, and has been on the downside.

While things look bearish, the RSI has also entered oversold territory. Therefore, a short-term bounce and pullback towards $60,000 can be expected before a possible downside continuation to $52,000.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Exchange Whale Ratio

Bitcoin price has been falling since its rejection from the $75,000 level. Many market participants are wondering when and if the market will recover. This chart may provide some potential answers.

This metric is the trade whale ratio (with a 30-day exponential moving average applied). Shows the ratio of whales’ exchange deposits compared to all deposits.

As the chart shows, the metric has increased significantly recently. This means that whales have been quickly depositing their coins on exchanges to potentially sell them. The resulting pressure is likely one of the reasons contributing to the recent correction. Therefore, we can expect the correction to stop if the proportion of whales declines once more.

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