Bitcoin Price Analysis: Has BTC Cleared the Danger Zone After $64K Surge?
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Bitcoin has shown short-term stabilization above a major support zone with improved momentum on lower timeframes, but the broader trend remains bearish as price trades below key moving averages and faces heavy overhead resistance. On-chain data shows large holders are distributing coins, increasing downside risk for crypto markets and suggesting the downtrend may continue.
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Despite showing signs of short-term stabilization above a major support zone, Bitcoin’s downtrend might not be over yet. While momentum has improved on lower timeframes, the broader trend is still tilted to the downside, with price trading below key moving averages and facing heavy overhead resistance.
Meanwhile, on-chain data suggests that large holders may still be distributing coins, adding more fuel to a potential further decline.
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