Crypto Blog
Bitcoin’s price has been consolidating over the past couple of weeks following a recovery from the $56K support level. This behavior has left investors wondering whether a new record high will be witnessed in the short term.
If the support level gets broken, the 200-day moving average, located around $61K, would be the next target for the bears. Still, as long as BTC trades above the 200-day moving average, the trend can be considered bullish.Looking at the 4-hour chart, the price shows a gradual decline in a falling wedge pattern. The cryptocurrency has found support at $64K and the lower boundary of the pattern.
While Bitcoin’s price is failing to continue its upward trend, analyzing the behavior of market participants would be beneficial. This chart presents the Bitcoin Exchange Netflow and its 30-day standard moving average. Positive values indicate deposits and negative values indicate withdrawals from exchanges on aggregate.
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