Crypto Blog
Bitcoin’s price has been showing a willingness to drop lower. However, market fundamentals point to something different.
The RSI indicator has also dropped below the 50% level, indicating a slight bearishness in momentum. Therefore, if the $56K level is not able to hold the price, a further decline toward the $52K support zone would be expected.Looking at the 4-hour chart, it is evident that the market has failed to rise back to the $68K resistance level, which it dropped from initially, as the $64K resistance zone has rejected the price to the downside.
While bitcoin’s price has been going through a lengthy consolidation period over the past few months, investors are wondering whether the market is experiencing an accumulation or a distribution period. As the chart suggests, the Exchange Reserve metric has been trending down rapidly since the beginning of the consolidation, indicating that an accumulation phase is happening.
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