Is Bitcoin About to Explode to $64,000 Soon?

The price of Bitcoin has remained strong around $60,000 after the significant drop a few weeks ago. Investors are now optimistic that the market will soon rebound to new record highs.

Technical Analysis

By TradingRage

The daily chart

In the daily period, the price has been consolidating in recent weeks after recovering from the $50,000 mark.

However, the 200-day moving average, located around $63,000, has yet to be broken to the upside. A bullish break above this level is imperative for BTC to continue its long-term rally.

On the other hand, if the market misses the $56,000 support level, things could get worse as the price will likely drop to $52,000 and even lower in the short term.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, the price has been around the $60,000 level for the past few weeks.

However, the highs and lows are slowly starting to rise as the market seems to be regaining bullish momentum.

The relative strength index also validates this scenario, as it shows values ​​above 50%. Therefore, a rally towards the $64,000 resistance level and even higher in the coming weeks seems likely.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Exchange Reserve

During Bitcoin’s recent consolidation and correction, market participants have been wondering whether a build-up or distribution phase is taking place. Analyzing network fundamentals can help answer this question.

This chart shows the exchange reserve metric, which measures the amount of BTC held in exchange wallets. These coins are the most liquid and can be a good supply indicator as they can be sold at any moment.

As the chart shows, the foreign exchange reserve has seen a sharp decline during the recent price consolidation, indicating that investors view this phase as a temporary correction before a longer-term rally. This aggregate build-up may cause prices to rise soon if nothing changes dramatically.

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