Bitcoin has been trading below its 200-day exponential moving average (EMA) for two weeks running, but has shown signs of recovery by recently breaking above $60,000. Although there have been closes below this EMA in 2024, the price has tended to recover quickly in those instances, suggesting potential underlying strength in the asset.

Long-term holders, who typically hold their investments for extended periods, continue to accumulate bitcoin, reflecting long-term confidence in the asset despite recent volatility. This behavior is contrasted by active selling by short-term holders, who tend to trade more frequently and may be selling in times of correction.

Selling pressure from miners, who can traditionally significantly influence the market, has shown signs of stabilizing. Miner reserves are beginning to build up rather than decline, suggesting a reduction in selling pressure.

Additionally, the supply of stablecoins has increased, indicating increased liquidity in the cryptocurrency market. An increase in the stablecoin supply ratio suggests that there is more capital available to invest in bitcoin and other crypto assets.

Currently, Bitcoin is facing significant technical resistance around $61,700, where the 50-day and 100-day moving averages meet. A break above this level would be a key indication of a trend reversal. If Bitcoin manages to overcome this resistance and settle above $62,737, it could signal the start of a bullish rally, known as “ChoCH” or Change of Character, which could lead to a notable increase in its value in the coming months.#Bitcoin #Binance