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Bitcoin recently found support near the $80,000 region, which is in close alignment with the 200-day moving average. After a much-needed correction from its peak above $100,000, the price action is showing signs of recovery. Currently, it is trading close to $85,000.
However, strong resistance lies in the $92,000 area, which was previously supply. The RSI is also crawling back towards neutral territory but has not entered too much, which suggests further upside if bulls can sustain momentum. A close on the daily 200 dMA and horizontal resistance near $92,000 could confirm recovery and bullish. The 4-hour chart reveals a clear rising wedge pattern, which BTC has been moving inside for a while. With the rejection in the $87,000 region, a classic bearish reversal setup is forming, which usually marks a pullback after a strong rally.
Immediate support is located at $82,000 to $80,000, matching the previous consolidation zone. In addition, the RSI on 4H is rapidly declining, indicating a weak bullish impetus. Unless the wedge is broken soon, a deeper retracement to the blue support zone is possible in the short term.
Recent downward trend in Bitcoin active addresses. After peaking in February 2024, the number of active addresses has been declining even as BTC prices have reached new highs. This divergence indicates weakening network participation and user engagement. The sharp decline in active addresses over the past few months indicates that there are fewer unique participants transacting on the chain, which generally reflects reduced organic demand and market interest. If this downward trend continues, it could exacerbate bearish sentiment as lower network activity usually precedes or confirms a price correction.
In the current scenario, the decline in the metric could be a warning sign that the recent bullish bounce lacks fundamental chain-to-chain support, which could increase the risk of a deeper breakdown.
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✔Copy accurate trading signals✔Manage accounts🎁Stable profit of more than 188.6% per week🎁Success rate is as high as 97.85%, real-time communication: @cryptoanalyst_baker Signal entry: t.me/FcCygjylf
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.