Bitcoin continues to show fundamental strength during market recovery phase, which hints at rally continuation
However, the outlook is not without potential pitfalls. The Swissblock signals, an array of analytical tools, highlight that the support at the $30,000 level is somewhat tenuous and not significantly robust. If the price of Bitcoin were to fall below this level, we could witness a retest of the $27,000 support level.
This retest would be a decisive moment for the leading cryptocurrency. If Bitcoin is unable to maintain the $27,000 support level, it could fall into a market gap characterized by low on-chain and trading volumes. This could introduce a bearish period for Bitcoin, at least in the short term.At the same time, it is essential to consider that the on-chain metrics, such as the Bitcoin monthly transfer volume, demonstrate an upward trend. This means the fundamentals of the network are improving.
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