Crypto Blog
Bitcoin’s price has declined recently, making lower highs and lows and breaking through multiple support levels.
However, the 200-day moving average has rejected the price, preventing it from recovering. Therefore, a drop toward the $52K level could be probable in the coming weeks.On the 4-hour chart, things become even clearer. The price has once again been rejected from the long-term bearish trendline. If the $57K support level is broken to the downside, a quick drop toward $52K will be more likely.
While technical analysis can be a decent tool for price action forecasting, it is also beneficial to look for the underlying reasons behind the recent downtrend. Analyzing the behavior of BTC miners could yield helpful insight into achieving this goal.
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