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Bitcoin Bull Market Resumed or is the Push to $65K a Trap? (BTC Price Analysis)

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After an extended period of sideways consolidation, Bitcoin witnessed a downtrend, breaking below the significant support zone of $59K.

Nevertheless, Bitcoin found significant support at a crucial zone, the 0.618 Fibonacci retracement level, aligned with the vital 100-day moving average at $59K. This region sparked a bullish reversal, raising expectations for a renewed positive trend in the mid-term.Analyzing the 4-hour chart reveals heightened selling pressure after Bitcoin failed to surpass the $68K threshold. This led to a noticeable downtrend, breaking below the lower trendline of the wedge, hovering around $59K.

This metric calculates the average short-term realized price, encompassing transactions occurring within a span of less than 155 days. It is derived by dividing the realized cap by the total coin supply, providing a weighted average price based on what short-term holders paid for their coins.

 

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