Here are the most likely targets for BTC in the coming days

Ripple’s price has been unable to continue its upward momentum and has been bearish in recent weeks. However, the momentum in recent days has been very turbulent, resulting in unstable price action and questioning the trend.

Bitcoin Price Analysis: Technical

technical analysis

Written by Edris Derakhshi (TradingRage)

daily chart

The daily chart shows the price has been making higher highs and lower lows since rebounding from the $52,000 support level in September. The 200-day moving average located near the $64,000 level was also broken to the upside.

However, the market did not manage to break above the key resistance level of $69,000 and is currently correcting downward. Therefore, a retest of the 200-day moving average is likely within the next few days. Still, if BTC trades above $60,000, the trend could be considered bullish.

4 hour chart

Looking at the 4-hour chart, the price has broken out of the ascending wedge pattern to the downside while rejecting the $69,000 resistance zone. As the 4-hour momentum turned bearish, the RSI also fell below 50%.

However, while $64,000 appears to be a likely target, a decline towards it may not materialize as the recovery and continuation could begin sooner. If true, this move confirms that a strong rally has begun for Bitcoin, and it will only be a matter of time before it hits new all-time highs.

On-chain analysis

Written by Edris Derakhshi (TradingRage)

Bitcoin exchange reserves

As BTC nears all-time highs, market participants are wondering whether large investors are taking profits or are still hoarding. Based on this data, the latter appears to be true.

This chart shows the trade readiness metric, which measures the amount of BTC held in exchange wallets. It is widely considered a proxy for supply, as coins held on an exchange can be quickly sold to drive down the price.

As the graph shows, BTC foreign exchange reserves have fallen sharply recently and continue to decline over time. This clearly indicates a period of accumulation, which could quickly lead to supply shocks and price spikes, especially if demand increases.