Crypto Blog
Bitcoin’s price decline continues as the market has lost several key support zones. While many investors are worried about a deep crash, there is also the possibility for this drop to be a bear trap.
The sizeable downward shadow in yesterday’s candle can indicate that the decline might have come to a halt, and consolidation or even recovery is probable in the short term.The 4-hour chart shows a clear bearish trend for Bitcoin in the last few weeks. The price has consistently made lower highs and lows, breaking below multiple support levels.
While price analysis can only help suggest short-term market behavior, more can be gained from on-chain analysis, which focuses on the fundamentals of the BTC network.
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