Bitcoin’s price has been declining over the past few days, almost reverting all gains from the past greenish week. In fact, Bitcoin lost over $6K over the past 3-days.
However, there is a positive sign for the bulls: Despite the fear and uncertainty in the market, the divergence between the long-term holders (accumulating) and short-term holders (spending in loss) is much more significant in this crash compared to May 2021’s 50% drop.
Technical Analysis
By: Edris
The Daily Chart
As mentioned in our previous analysis, the price has been rejected impulsively from both the 100-day moving average and the $45K resistance level.
BTC also broke below the 50-day moving average, spreading fear all over the market once again. However, there is still the chance to reclaim back above the significant moving average line over the past few days. In that case, we might see another attempt towards the $45K resiatnce.
On the other hand, if BTC fails to recover in the next couple of days, the next support level would be the $36K area that the bulls defended the last time it was…
