Most Likely BTC Price Target in the Coming Days

Ripple has exhibited a bearish trend in recent weeks, unable to maintain its upward trajectory. The last few days have seen quite a bit of volatility, leading to a confusing price action that raises questions about the prevailing trend.

Bitcoin Price Analysis: Technical Overview

Technical Insights

By Edris Derakhshi (TradingRage)

The Daily Overview

An analysis of the daily chart reveals that the price has been forming higher highs and lows after bouncing off the $52K support level in September. The 200-day moving average, which sits near the $64K mark, has also been surpassed.

However, the market has struggled to surpass the significant $69K resistance level and is currently moving downward. This suggests that a retest of the 200-day moving average is likely in the near term. Nonetheless, if BTC remains above $60K, the outlook could be deemed bullish.

The 4-Hour Analysis

When examining the 4-hour chart, it’s evident that the price has broken downward from a rising wedge pattern after facing rejection at the $69K resistance zone. The RSI has also dipped below 50%, indicating that the 4-hour momentum has turned bearish.

Nevertheless, even though $64K appears to be a plausible target, a downward move toward it may not happen, as a recovery and continuation could commence much sooner. If this is the case, it would signal the onset of a strong rally for Bitcoin, making it only a matter of time before a new all-time high is achieved.

On-Chain Insights

By Edris Derakhshi (TradingRage)

Bitcoin Exchange Reserves

As Bitcoin approaches its all-time high, market observers are left wondering if major investors are taking profits or still in accumulation mode. Based on current data, it appears they are leaning towards accumulation.

This chart illustrates the exchange reserves metric, which tracks the amount of BTC stored in exchange wallets. This metric is typically seen as a supply indicator, as coins held in exchanges can be rapidly sold, driving the price down.

As shown in the chart, BTC exchange reserves have recently experienced a significant decline, continuing a longer-term downward trend. This trend indicates a period of accumulation, which may soon lead to a supply shock and subsequent price increase, particularly if demand rises.