Crypto Blog
Since March, Bitcoin’s price has been consolidating in a wide range and gradually declining. This rangebound movement might eventually lead to a long-term bullish trend.
Yet, the market has rebounded from $50K and has retested the 200-day moving average but has been rejected to the downside. Yet, the market is struggling to break above the $61K resistance level at the moment and is creating a bullish flag pattern. While Bitcoin’s price action is not convincing, some fundamental network metrics, due to a considerable decline in supply, are pointing to a potential price rally in the coming months.
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