Bitcoin has been struggling to break through the $30K resistance level, which has acted as a major barrier for several months. The recent price movements have shown bearish signals, including a potential double-top bearish reversal pattern and declining bullish momentum.
This suggests the possibility of a short-term reversal and consolidation phase, with a potential drop towards the 100-day moving average support level at $28K.
However, on-chain analysis shows that the NUPL metric has reached its previous high from April, indicating an increasing number of investors experiencing profitable returns and a prevailing bullish sentiment in the market.
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