Here is the most likely target for BTC in the coming days

Ripple’s price has been bearish for the past few weeks as it has been unable to continue its upward momentum. However, the momentum over the past few days has been quite tumultuous, resulting in choppy price action that questions the trend.

Bitcoin Price Analysis: Technical Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows that the price has been making higher highs and lower lows since retrieving the $52,000 support level in September. The 200-day moving average, located around the $64,000 level, has also broken to the upside.

However, the market has not been successful in rising above the key resistance level of $69,000 and is currently correcting to the downside. Hence, a retest of the 200-day moving average would be likely in the coming days. Still, if BTC trades above $60,000, the trend could be considered bullish.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, the price has broken a rising wedge pattern to the downside while rejecting the $69,000 resistance zone. The RSI has also fallen below 50% as the 4-hour momentum has changed to the downside.

However, while $64,000 looks like a likely target, a drop may not materialize as the recovery and continuation could begin much earlier. If true, this behavior would confirm that a strong recovery is beginning for Bitcoin, and it would only be a matter of time before a new record high.

Source: TradingView On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Exchange Reserve

As BTC nears a new all-time high, market participants are wondering whether big investors are taking profits or continuing to pile in. Based on these data, the latter appears to be true.

This chart shows the exchange reserve metric, which measures the amount of BTC held in exchange wallets. It is widely regarded as a supply indicator because coins held on exchanges can be sold quickly, driving the price down.

As the chart suggests, the BTC exchange reserve has fallen recently, continuing its long-term decline. This clearly indicates a period of accumulation, which could soon lead to a supply shock and a rise in prices, especially if demand increases.

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