Bitcoin\u2019s price has been showing a willingness to drop lower. However, market fundamentals point to something different.<\/p>\n
BTC is down by nearly 10% in the past week, currently struggling to remain above $58,000.<\/p>\n
By TradingRage<\/a><\/p>\n On the daily chart, the asset has been consolidating around the $60K level, following a rejection from the $64K resistance line and the key 200-day moving average, which is located around the same price mark. The market is currently probable to test the $56K support level.<\/p>\n The RSI indicator has also dropped below the 50% level, indicating a slight bearishness in momentum. Therefore, if the $56K level is not able to hold the price, a further decline toward the $52K support zone would be expected.<\/a><\/p>\n Looking at the 4-hour chart, it is evident that the market has failed to rise back to the $68K resistance level, which it dropped from initially, as the $64K resistance zone has rejected the price to the downside. As things currently stand, a retest of the $56K level seems highly probable.<\/p>\n Yet, the cryptocurrency might be able to rebound from the level, as the market structure is showing signs of weakness in the bearish trend.<\/a><\/p>\n By TradingRage<\/a><\/p>\n While bitcoin\u2019s price has been going through a lengthy consolidation period over the past few months, investors are wondering whether the market is experiencing an accumulation or a distribution period.<\/p>\n This chart demonstrates the Bitcoin Exchange Reserve metric, which measures the amount of BTC held on exchange wallets. As these coins can be sold quickly, they are assumed to be a proxy for supply.<\/p>\n As the chart suggests, the Exchange Reserve metric has been trending down rapidly since the beginning of the consolidation, indicating that an accumulation phase is happening.<\/p>\n As Bitcoin reserves continue to decline significantly, the chances for a supply shrink, which can lead to a new price rally, are increasing significantly. Yet, the futures market conditions also plays a massive role in price action, and should be considered carefully before drawing any conclusions.<\/a><\/p>\n The post Bitcoin Price Analysis: BTC Loses Momentum With Possible Price Declines to $56K and $52K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price has been showing a willingness to drop lower. However, market fundamentals point to something different. BTC is down by nearly 10% in the past week, currently struggling to remain above $58,000. Technical Analysis By TradingRage The Daily Chart On the daily chart, the asset has been consolidating around the $60K level, following a […]<\/p>\n","protected":false},"author":0,"featured_media":2557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2556"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2557"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
On-Chain Analysis<\/h2>\n
Bitcoin Exchange Reserve<\/h3>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h3>\nLooking at the 4-hour chart, it is evident that the market has failed to rise back to the $68K resistance level, which it dropped from initially, as the $64K resistance zone has rejected the price to the downside. As things currently stand, a retest of the $56K level seems highly probable.<\/p>\nYet, the cryptocurrency might be able to rebound from the level, as the market structure is showing signs of weakness in the bearish trend.<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy TradingRage<\/a><\/p>\nBitcoin Exchange Reserve<\/h3>\nWhile bitcoin\u2019s price has been going through a lengthy consolidation period over the past few months, investors are wondering whether the market is experiencing an accumulation or a distribution period.<\/p>\nThis chart demonstrates the Bitcoin Exchange Reserve metric, which measures the amount of BTC held on exchange wallets. As these coins can be sold quickly, they are assumed to be a proxy for supply.<\/p>\nAs the chart suggests, the Exchange Reserve metric has been trending down rapidly since the beginning of the consolidation, indicating that an accumulation phase is happening.<\/p>\nAs Bitcoin reserves continue to decline significantly, the chances for a supply shrink, which can lead to a new price rally, are increasing significantly. Yet, the futures market conditions also plays a massive role in price action, and should be considered carefully before drawing any conclusions.<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Loses Momentum With Possible Price Declines to $56K and $52K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price has been showing a willingness to drop lower. However, market fundamentals point to something different. BTC is down by nearly 10% in the past week, currently struggling to remain above $58,000. Technical Analysis By TradingRage The Daily Chart On the daily chart, the asset has been consolidating around the $60K level, following a […]<\/p>\n","protected":false},"author":0,"featured_media":2557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2556"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2557"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/BTCUSDT-Daily-Aug-31-2024-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy TradingRage<\/a><\/p>\nBitcoin Exchange Reserve<\/h3>\nWhile bitcoin\u2019s price has been going through a lengthy consolidation period over the past few months, investors are wondering whether the market is experiencing an accumulation or a distribution period.<\/p>\nThis chart demonstrates the Bitcoin Exchange Reserve metric, which measures the amount of BTC held on exchange wallets. As these coins can be sold quickly, they are assumed to be a proxy for supply.<\/p>\nAs the chart suggests, the Exchange Reserve metric has been trending down rapidly since the beginning of the consolidation, indicating that an accumulation phase is happening.<\/p>\nAs Bitcoin reserves continue to decline significantly, the chances for a supply shrink, which can lead to a new price rally, are increasing significantly. Yet, the futures market conditions also plays a massive role in price action, and should be considered carefully before drawing any conclusions.<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Loses Momentum With Possible Price Declines to $56K and $52K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price has been showing a willingness to drop lower. However, market fundamentals point to something different. BTC is down by nearly 10% in the past week, currently struggling to remain above $58,000. Technical Analysis By TradingRage The Daily Chart On the daily chart, the asset has been consolidating around the $60K level, following a […]<\/p>\n","protected":false},"author":0,"featured_media":2557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2556"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2557"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/BTCUSDT-4H-Aug-31-2024-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Loses Momentum With Possible Price Declines to $56K and $52K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price has been showing a willingness to drop lower. However, market fundamentals point to something different. BTC is down by nearly 10% in the past week, currently struggling to remain above $58,000. Technical Analysis By TradingRage The Daily Chart On the daily chart, the asset has been consolidating around the $60K level, following a […]<\/p>\n","protected":false},"author":0,"featured_media":2557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2556"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2557"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Exchange-Reserve-All-Exchanges-2-scaled.jpg\"){kind=link}