Bitcoin's price has been trending lower since late August, breaking below support levels. However, there are signs of a possible rebound as the asset surged by over $4,000 yesterday. To begin a new bullish trend, Bitcoin needs to break above the $64,000 zone and the 200-day moving average. In the short-term, a rally towards the $60,000 level is likely if the recent breakout from a descending channel holds. Analysis of long-term holders' behavior suggests profit-taking as the price declines, which could lead to further selling pressure and a downtrend in price.



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