Bitcoin’s price has recently crashed, losing nearly $5,000 in one day. On the daily timeframe, the price has been rejected from the $30K resistance level multiple times in recent months, leading to a significant drop below the critical 200-day moving average around the $28K mark. The $25K support currently holds the price, preventing it from dropping deeper.The 4-hour chart shows a more dramatic decline, with the price easily breaking through the $27,500 support level and piercing through the $25K level with a long wick. The RSI indicator has recovered above the oversold region but is still below the 50% threshold, indicating that the momentum is still bearish overall.Miners have been accumulating BTC at a significant rate in the past few months, indicating that they are optimistic about future price action and are under no pressure to sell their coins to cover operational expenses. This decrease in supply could be beneficial for the market in the long term, as a new bull market might be on the horizon if sufficient demand comes in.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
None |
| Companies |
Binance, PrimeXBT, CryptoPotato, TradingView |
| Currencies |
Bitcoin, Ethereum |
| Securities |
None |
