Crypto Blog
Bitcoin’s recent price action has spread fear over the whole crypto market, as participants are worried that the bull market might be over.
Last week, the market even broke below the key $60K level and the 200-day moving average, which is located around the $58K mark. If the price breaks through $57K to the upside, a rally toward the bearish trendline could be expected in the short term. Yet, the overall bias remains bearish as long as BTC is trading below this trendline.
This chart presents the Bitcoin exchange reserve metric, which measures the amount of BTC held in exchange wallets. Typically, increases indicate distribution, while declines are associated with accumulation behavior.
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