Bitcoin’s price has been range-bound lately following a rejection from the $30K level. Edris, a technical analyst, has noted that Bitcoin’s price has been consolidating within a tight range in the last week on the daily timeframe after the market was rejected to the downside due to the $30K resistance level. The 50-day moving average also broke down around the $29K mark. Currently, the most probable target is $25K, but the price could retest the 50-day moving average before continuing lower. The daily chart’s RSI is also trending below the 50% threshold, indicating the sellers’ current dominance.
On the 4-hour chart, the price has struggled to break back above $27,500 following multiple rejections. The lower boundary of the massive flag pattern could be tested soon. Alternatively, if the price eventually climbs above the $27,500 level, a rally towards the higher trendline of the pattern might result. The RSI on the 4-hour timeframe has been running relatively flat, around the 50% mark, providing little clue.
The Miner’s Position Index (MPI) is a chart that reflects the ratio of total miner outflow to its one-year moving average of total miner outflow. High values indicate that miners are selling their coins aggressively. The chart suggests that miners are using the recent price rally to exchange massive amounts of BTC to cover their costs, revealing their pessimism about Bitcoin’s short-term future. Some on-chain metrics indicate negative signals, potentially triggering a sell-off if things stay the same. Hence, investors should be wary of the rebounds, which might be temporary.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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