Bitcoin has been dropping impulsively in the past couple of weeks after being rejected from the 200-day moving average.
The price has also broken below the 50-day and 100-day moving averages and is currently retesting them from below.
If the price fails to break back above them, a retest of the $36K area in the short term would be more probable.
On the 4-hour time frame, it is evident that the price failed to hold above the short-term support level and is currently making a pullback and could potentially continue going down.
The $36K area and the lower boundary of the bearish flag remain as key support levels, and if the price breaks below them, a continuation and a lower low than the recent $33K bottom would be more probable.
One of the most important indicators for evaluating Bitcoin miners’ activity and the sentiment is the Miner’s Position Index .
This type of behavior was also seen three times during the bull market in early 2021.
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.