Crypto Blog
Bitcoin’s price has yet to recover above the key 200-day moving average, and if things remain the same, it is seemingly bound to drop to lower levels.On the daily chart, the price has recently rebounded from the $60K support level following the breakdown below $64K and the 200-day moving average, located around the same area.
If the cryptocurrency fails to break through the 200-day moving average soon, a decline toward the $56K level could be expected in the short term.BTC has been rising inside a tight, ascending channel, but it broke below the channel yesterday. Based on classical price action, a decline toward the $60K level and even beyond is highly probable at the moment.
As the chart suggests, miners have been aggressively selling their coins since the price exceeded the $40K level.
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