Bitcoin’s price has remained resilient around the $60K mark after recovering from a sharp drop a few weeks ago. Market participants are showing optimism, anticipating a possible rally to new all-time highs.
On the daily chart, Bitcoin’s price has been consolidating within a tight range after rebounding from the $50K support zone. Despite this recovery, the 200-day moving average at approximately $63K remains unbroken, serving as a key resistance level. A decisive breakout above this threshold is crucial for BTC to resume its long-term upward trajectory. Conversely, if the price falls below the $56K support level, further declines toward $52K or lower could follow in the short term.
The 4-hour chart reveals a slightly more bullish picture. Bitcoin has maintained its position around the $60K level while gradually forming higher highs and lows, signaling a potential gain in bullish momentum. The Relative Strength Index supports this outlook, as it has stayed above the 50% mark. If this momentum continues, a rally toward the $64K resistance level or beyond appears likely in the coming weeks.
On-chain analysis provides additional insights. Examining the Bitcoin exchange reserve metric, which tracks the amount of BTC held in exchange wallets, shows a sharp decline during the recent consolidation. This reduction indicates that investors view this period as a temporary correction and are accumulating coins in anticipation of future price increases. Such accumulation, if sustained, could lead to significant upward movement unless there is a drastic shift in market conditions.
