Crash

bullish

Bitcoin

Reserve

Daily

<p>Since March, Bitcoin’s price has been consolidating in a wide range and gradually declining. This rangebound movement might eventually lead to a long-term bullish trend.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily chart, the price has recently broken below the 200-day moving average, located around the $63K mark.</p>
<p>Yet, the market has rebounded from $50K and has retested the 200-day moving average but has been rejected to the downside.</p>
<p>Currently, the price is likely to test $56K. If the level holds, the market could once again rally toward the 200-day moving average and probably higher, which could lead to the beginning of a new bull run.</p>
<figure id="attachment_353498" aria-describedby="caption-attachment-353498" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-353498" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-scaled.jpg" alt="" width="2560" height="1309" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-1024x524.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-768x393.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-1536x786.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-2048x1047.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-14-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-353498" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>The 4-hour timeframe demonstrates a possible recovery scenario, as the price has rapidly bounced higher from the $52K support level following last week’s drop.</p>
<p>Yet, the market is struggling to break above the $61K resistance level at the moment and is creating a bullish flag pattern.</p>
<p>If it’s broken to the upside, an upward move toward the $64K level would be highly likely in the short term. On the other hand, if the pattern fails, things could quickly get worse, and the market could decline to the $52K level once more.</p>
<figure id="attachment_353499" aria-describedby="caption-attachment-353499" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-14-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-353499" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="bitcoin-exchange-reserve">Bitcoin Exchange Reserve</h3>
<p>While Bitcoin’s price action is not convincing, some fundamental network metrics, due to a considerable decline in supply, are pointing to a potential price rally in the coming months.</p>
<p>This chart displays the Bitcoin exchange reserve metric and its 30-day moving average. The metric measures the amount of BTC held in exchange wallets. The number of these coins can be considered a proxy for supply, as they are readily held on exchanges and can be sold quickly.</p>
<p>As the chart suggests, however, the exchange reserve metric has been on a steep decline since the beginning of 2024, indicating an aggregate accumulation behavior by investors. This is a good sign and can lead to a supply shock in the near future, which could result in a price surge for BTC.</p>
<figure id="attachment_353500" aria-describedby="caption-attachment-353500" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-353500" src="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Exchange-Reserve-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-353500" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-is-64k-next-for-btc-or-is-a-crash-toward-56k-more-likely353497-2/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Is $64K Next for BTC or is a Crash Toward $56K More Likely?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Is $64K Next for BTC or is a Crash Toward $56K More Likely?

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