After encountering a significant rejection at the $48,000 resistance level, Bitcoin recently found support near the important 100-day moving average, prompting a slight retracement. However, if a pullback materializes, the most likely scenario would involve a new bearish leg targeting the significant support at $38,000.
Written by Shayan
Analyzing the daily chart, we see that after Bitcoin recently retreated from the important $48,000 level, the price is now defined by the mid-boundary of the ascending channel and the important 100-day moving average of $39,000. It becomes clear that support is being sought near the critical range.
As a result, a slight adjustment occurred and the price moved back toward the existing fair value gap (FVG) within the $43,578 and $45,606 thresholds.
This price range could be resistant to further selling pressure and perhaps even push back towards the real 100-day moving average. However, a break below this important moving average could lay the foundations for a medium-term bearish trend.
4 hour chart
Examining the 4-hour chart reveals a notable decline below the lower bound of the rising flag, with price reaching a static support zone including $39,000 and a significant 0.5 level of the Fibonacci retracement, leading to a notable reversal. brought.
As a result, the price experienced a bullish surge and moved back towards the key resistance line marked by the lower bound of the rising flag.
However, Bitcoin appears to be completing its pullback to the broken flag and is poised for a new bearish phase. Therefore, if the pullback is successful, the market should expect a medium-term decline towards the key support area at $38,000.
Written by Shayan
Observing the behavior of Bitcoin miners has become particularly important, especially in the aftermath of the recent price spike that surpassed the $40,000 threshold. Given their important role in the Bitcoin network, miners’ actions can have a significant impact on the market.
The Miner Position Index metric (MPI) displayed on the chart represents the ratio of the miner’s total outflow (in USD) to the 1-year moving average. A high MPI value means miners are sending more coins than usual, indicating potential sales activity.
This chart specifically shows that MPI has increased significantly during Bitcoin’s recent rally above $40,000. However, based on the MPI analysis, concerns about capitulation appear to be minimal. It appears that miners have already secured significant profits and strengthened their financial base.
This resilience suggests that miners have the ability to withstand a potential deeper correction in the BTC market in the future.
However, you need to be careful. If continued selling behavior among miners continues, it could lead to an oversupply of Bitcoin in the market and cause a significant price crash.
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Cryptocurrency charts by TradingView.