Crypto Blog
Bitcoin’s price has failed to recover meaningfully after its drop from the $68K level. Yet, investors might still have hope, as several support levels are available.
Since then, the price has failed to hold above the $60K level and is currently approaching the $57K support level. If this level breaks, a drop toward the $52K level would be imminent. On the other hand, as long as the market is trading below the 200-day moving average, no sustainable rally could be expected.The 4-hour chart displays a much clearer picture of the recent price action. Since the market’s rebound from the $50K area, the price has been consolidating between the $60K and $57K levels.
While Bitcoin’s price has been consolidating long-term, it could be insightful to search for the underlying reasons for this halt in bullish movement. This chart presents the Coinbase Premium Gap, which measures the difference between Binance’s BTC/USDT pair and Coinbase’s BTC/USDT pair. This metric is typically used to analyze the behavior of US investors, as they primarily use Coinbase.
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