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- Bitcoin is stuck around $63,488 and can’t seem to hit $65,000 again due to bearish trends and heavy selling pressure.
- Key indicators like moving averages, RSI, MACD, and OBV all point to a tough market for Bitcoin right now.
- Long-term holders and global distribution show strong support, but short-term trading signals are still bearish.
Bitcoin is having a tough time getting back to $65,000. Right now, it’s stuck at $63,488. Let’s break down why Bitcoin’s price is struggling and what on-chain data and technical indicators are telling us.
Indicators support the bears
Bitcoin’s 50-period moving average (MA) is sitting at $63,838, while the 200-period MA is at $64,509. When the price is below these averages, it usually means the market is bearish.
The middle Bollinger Band is at $64,299, with the upper band at $65,390 and the lower band at $63,209. Bitcoin’s price is hugging the lower band, which means it’s oversold. We could see a rebound if buyers step in strong.
The RSI is at 30.34, which is close to the oversold mark of 30. BTC might be due for a bounce back, but it also shows there’s heavy selling pressure. The MACD line is at -93.84, and the signal line is at -222.28.
A negative MACD and a histogram below zero are the strongest bearish signs yet. There is a lot of downward pressure on Bitcoin. Then we have the On-Balance Volume that’s at -13. This means there’s more selling volume than buying volume.
On-chain is also bearish
Looking at BTC’s on-chain data, 87% of holders are making money at the current price, while 3% are breaking even and 10% are losing money. Bitcoin has always had strong support from its long-term investors. They’ve been through it all.
When we look at how long people have been holding Bitcoin, 71% have held it for more than a year, showing long-term confidence. About 25% have held for 1-12 months, and 5% for less than a month, showing some short-term traders.
In the last week, transactions greater than $100,000 are worth $92.22 billion, thanks to spot ETFs raking in a hell of an inflow all through the week. Positive netflows into exchanges is $273.38 million over the last week.
This means more Bitcoin is being moved to exchanges, likely for selling or trading, supporting the short-term bearish pressure. Most on-chain signals are bullish. The overall sentiment is leaning towards upward price movement.
Bitcoin might test support levels around $63,000. If it holds there and the RSI moves up, we could see a rebound towards $65,000. But if selling continues and the price drops below $63,000, the next major support level is around $60,000.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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