Bitcoin's price has remained stable above $26,000 over the past week, leaving investors uncertain about its next move. Some on-chain indicators suggest undervaluation for Bitcoin, but weakness persists on the charts. The NVM ratio, which measures the correlation between Bitcoin's market value and daily active users, has fallen below the threshold for undervaluation.
The SuperTrend indicator has been flashing sell signals, indicating a deeper price correction may be on the horizon if Bitcoin fails to close above $29,500. The upper trend line of the triangle pattern is still offering resistance to Bitcoin's price, and a dip below $25,300 could trigger stop-loss orders and lead to a decline towards the critical $24,700 support level.
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