Bitcoin price has dropped by about 10% in the past week and is currently trying to hold the $58,000 mark. The daily chart of Bitcoin shows that the asset is consolidating around $60,000 after breaking the $64,000 resistance. The RSI has fallen below 50%, indicating a bearish trend. On the 4-hour chart, the market has failed to return to the $68,000 resistance and the chances of retesting the $56,000 level are high. Anchin’s analysis shows that Bitcoin reserves on exchanges are rapidly decreasing, indicating an accumulation phase. This reduction in reserves can lead to supply shortages and price spikes. However, Bitcoin futures market conditions also play an important role in price developments and should be carefully considered.
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