CandleFocus Bitcoin Price Analysis: Is BTC In Danger of Falling to $80,000 Soon?
2024-12-21
Author: Content Editor
Bitcoin's price has failed to hold the $100K level and has fallen as low as $92,000. If the market fails to reclaim this area, a deeper correction to the $90K level and even the $80K level could be expected. The 4-hour timeframe shows a rejection from the higher boundary of an ascending channel and the RSI indicating bearish momentum. However, the lower trendline still holds, suggesting a possible recovery. Analyzing on-chain metrics, the 100-day moving average of active addresses has been recovering rapidly but has not reached its all-time high, indicating a divergence between price action and network activity. If network activity falls again, a lengthy correction could occur.
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