Bitcoin, the digital gold that’s more volatile than a caffeinated squirrel, is currently lounging around the 100-day moving average like it’s on a beach holiday. Trading activity? Low. Momentum? Weaker than a soggy biscuit. But don’t count it out just yet—there’s still a chance for a bullish comeback, provided the market decides to wake up and pour some liquidity into the party.
Technical Analysis
By Shayan (who probably drinks coffee straight from the pot)
The Daily Chart
Bitcoin is stuck in a phase of indecision, which is basically the financial equivalent of standing in front of an open fridge and not knowing what you want. Price action is hovering near the 100-day moving average at $98K, a number that’s neither here nor there. The RSI indicator is playing referee in a tug-of-war between bulls and bears, with $98K support and $108K resistance acting as the ropes. A decisive move? Unlikely until the market decides to stop napping. But if you’re betting, the odds favor the bulls—there’s a whole army of support zones below, ready to catch Bitcoin if it trips.
The 4-Hour Chart
On the 4-hour chart, Bitcoin tried to be bullish but got rejected faster than a bad pickup line at a bar. It couldn’t break above the upper boundary of the bullish flag, so now it’s sulking near the Fair Value Gap, a demand zone that’s been more reliable than your grandma’s cookie jar. Currently, Bitcoin is stuck between $90K support and the upper trendline of the bullish flag. A breakout could spark a rally, but until then, it’s just chilling in its little price bubble.
On-chain Analysis
By Shayan (who probably dreams in candlestick charts)
With Bitcoin’s price action as indecisive as a cat in front of an open door, let’s take a peek at what the market participants are up to. The BTC exchange reserve metric, which tracks how much Bitcoin is sitting on exchanges, has been dropping faster than your phone battery. This could mean fewer coins are available for sale, which is usually a good sign for bulls. A similar trend in December 2022 led to a price surge, so if history repeats itself, Bitcoin might just be gearing up for a moon mission.
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2025-02-22 13:00