BTC Falls Below $60,000, But Hidden Sign Suggests Possible Rally (Bitcoin Price Analysis)

Bitcoin price has yet to recover from the $68,000 drop a couple of weeks ago.

The cryptocurrency has been consolidating in a narrow range, and market participants are wondering about its future direction.

BTC Price Technical Analysis

By TradingRage

The daily chart

The daily chart shows that the price of BTC has failed to rise back above the 200-day moving average, located around $63,000, after falling below it earlier. The market is consolidating around $60,000 and has yet to recover from this key area.

Either way, as long as the cryptocurrency trades below the 200-day moving average, the likelihood of the long-term uptrend continuing is considerably low.

Source: TradingView The 4-hour chart

Looking at the 4-hour period, Bitcoin’s recent margin move becomes clearer. The price has been stuck between the $57,000 and $60,000 levels and has yet to break either side. The RSI is also hovering around the 50-point mark, showing indecision in the market’s momentum.

Therefore, to get a more accurate idea of ​​what is to come, investors should wait for the market to escape to the upside or downside, as the current range does not provide any meaningful clues.

Source: TradingView Bitcoin Price Chain Analysis

By TradingRage

Bitcoin Funding Fees

BTC has gone through a long period of consolidation and investors are wondering about its near-term direction. As we have already discussed, the charts do not offer significant clues. However, some optimistic signs can be seen in future market metrics.

This chart presents the Bitcoin funding rates metric, which measures whether buyers or sellers are executing their orders more aggressively. It is an important indicator for determining futures market sentiment. Positive values ​​indicate bullish sentiment, while negative values ​​support bearish sentiment.

As the chart shows, funding rates have declined to near zero as recent price declines have led to a significant cooling in the futures market.

Therefore, a sustained rally could be about to materialize as this pattern has been seen before previous price rallies. However, note that there needs to be sufficient demand from the spot market for this scenario to occur.

Source: TradingView

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