$BTC will probably retest the lower part of the weekly range after this.
On the fundamentals side, things doesn't look better. Bitcoin went under the realized price of the shortest ST cohort holders:
- LT holders (3m-6m) are selling - MT holders (1m-3m) are selling - ST holders (1w-1m) are buying
You can see the different trends looking at the slope direction of each line.
So, the recent price action is mainly driven by short term holders, which is bad for the long term, it increases the volatility, capping the potential upside.
Unless $BTC begins to trade steadily above the red line, the only direction that it could follow in the following weeks/months is down.
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