Bitcoin Bears is Dire Strait-This is What You Can Expect from the BTC Price Rally
Bitcoin price is consolidating heavily without making any major moves since the start of 2023 while the indicators have been largely bearish
The exchanges reserves are drying up heavily that indicates more bullish days for the star crypto is fast approaching
Bitcoin has been playing out well at the pre-determined levels that it was hovering at for quite a long time. Although the preset trade set-up appears to be quite bearish carrying the possibilities of larger inverse action, the technicals appear to be in favour of the bulls. Hence, the bears are believed to be slaughtered as the BTC price is expected to leap long beyond $25,000.
The value of the token has been hovering within a specified range since the beginning of the year 2023. The bulls are holding the price at the lower support at $22,500 and trigger a bounce on every contact. Meanwhile, the RSI in the 4hr chart has been heading towards the lower support from the upper resistance.
A momentum indicator plunging with the price remaining unchanged is generally considered a sign of bullishness, placing the bears in deep trouble.
This indicates the bulls are accumulating strength and hence may quickly bounce back soon. In the meantime, the balance on the exchanges is drying up heavily every new day. As per the on-chain data provider, Glassnode, the levels have dropped to a 4-year low.
Presently, the balance on exchanges is around 2.2 million BTC which fell from highs beyond 3 million in 2020 and dropped to 2.65 million in 2022. The drop in the exchange balance indicates that the market participants are bullish on Bitcoin and are willing to sell their tokens at the current price. Therefore, a notable price action may be due for the Bitcoin (BTC) price in the coming days.