Historically, the 200-day moving average has been reliable support in bull markets and strong resistance in bear markets.
However, it seems likely for this zone to get broken to the downside considering the current price action.
The price could oscillate in the range between these levels for now until a clear bullish or bearish breakout occurs.
On the 4-hour timeframe, the price has been rejected from the top of the bearish flag pattern.
Albeit, things could take a turn if the price could break above the flag, which would fail the pattern and cause a probable rally towards higher prices.
Most long-term holders have maintained their strong HODL-conviction and have accumulated more over the previous year, notably after the $64K ATH in March 2021.
Furthermore, if bitcoin is set to reach a bottom and initiate a significant rally, it should be accompanied by an increase in active addresses.
Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.