Bitcoin price dipped below the 30K mark, inching closer to the 24K called by one of the major banks when everyone was still in euphoria.
Data gleaned from Glassnode’s report, the “The Week On-Chain” indicates a steady decline in Bitcoin reserves on centralized exchanges. Glassnode is also reporting a drop in the number of entities selling Bitcoin and an increase in Bitcoin holders. These data indicate that asset movement is going on, with money shifting from exchanges to wallets.
Bitcoin price is down 4.21% as of writing.
Bitcoin price action has violated the support at 30208. Added selling pressure which enables the price to close below the 22/27 January and 22 June lows, open the pathway towards 27658 (5 January low), with 24055 and 22314 serving as additional targets to the south. The move would be a breakdown resolution of the bearish flag on the daily chart, which could see 17652 as the completion point of the measured move.
On the other hand, the price needs to close above 30208 to safeguard this support. This scenario would leave 35297 and 37455 up for grabs if the bulls can exert some upside pressure. Only a breach of 40751 invalidates the flag and allows Bitcoin price to initiate recovery of previous heights. Presently, the Bitcoin price predictions do not look good for the bulls.
