Bitcoin has been trading within a narrow range after being rejected from the $30K resistance level. The daily chart shows consolidation within a tight range, with the 50-day moving average breaking down around the $29K mark.
The most probable target is $25K, and the RSI is trending below the 50% threshold, indicating the dominance of sellers. On the 4-hour chart, the price has struggled to break back above $27,500, and the lower boundary of the large flag pattern could be tested soon.
The miner's position index shows that miners are selling their coins aggressively, potentially due to pessimism about the short-term future of BTC's price. Investors should be cautious as there are negative signals shown by some on-chain metrics.
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