Bitcoin Surges Past $61K 🚀 Watch out for Key Support Level 👀

Bitcoin Approaching Key Support Level: What to Expect Next 📉

As a crypto enthusiast, you may have noticed that Bitcoin’s price has been seeing a downward trend recently, failing to reach a new all-time high. However, the asset is now heading towards a crucial support level, sparking curiosity about what might happen next.

Technical Analysis 📊

The Daily Chart

Bitcoin’s price is rapidly dropping towards the 200-day moving average on the daily timeframe, currently hovering around $57K.
To reach this level, the asset must break decisively below the $60K support level first.
The RSI indicator is approaching oversold territory, potentially signaling a bullish reversal in the near future.

The 4-Hour Chart

On the 4-hour timeframe, recent price action paints a clearer picture.
Bitcoin fell below $65K a few days ago, dipped under $60K, and then bounced back above it.
A false breakout under the $60K support zone led to significant long liquidations, hinting at a possible upward reversal. However, the asset’s ability to hold the $60K and $57K support levels will be critical.

On-Chain Analysis 📈

Bitcoin Long-Term Holder SOPR

Despite failing to surpass $70K once more, concerns are rising among investors about a potential local top in Bitcoin’s price.
The Bitcoin Long-Term Holder SOPR metric reflects the profit realization ratio of investors holding their coins for over six months.
These long-term holders are currently realizing profits at a higher rate than the $69K all-time high, indicating possible selling pressure in the market.
If this trend continues, it could lead to further price decline and potentially signal the end of the current bull market in the medium term.

Hot Take 🔥

While the current market conditions may seem uncertain and volatile, they also provide opportunities for keen observers like you to make informed decisions. By keeping a close eye on key support levels, technical indicators, and on-chain metrics, you can better navigate the ever-changing landscape of the crypto market. Stay vigilant, stay informed, and stay ahead of the game in your crypto journey!

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