Crypto Blog
Bitcoin’s price has been trending lower since the last week of August, breaking below multiple support levels.
The daily chart demonstrates that the BTC price has dropped since getting rejected from the 200-day moving average, located around the $64K resistance level. Several support levels have been lost since, and the price has dropped to just over $52K. This is, of course, if the breakout is valid and the market does not quickly drop back inside the channel. With the RSI also showing bullish momentum in this timeframe, a rally higher is highly probable.
This chart presents the 30-day moving average of the Long-Term Holder SOPR metric, which measures the ratio of realized profits/losses by long-term BTC holders.
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