Bitcoin struggles to reclaim $65,000
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![image](https://www.cryptopolitan.com/wp-content/uploads/2024/07/DALL·E-2024-07-18-19.20.58-A-visually-striking-and-symbolic-landscape-image-depicting-Bitcoin-BTC-caught-between-a-bull-and-a-bear-representing-the-markets-uncertain-state.-.webp)
Bitcoin is having a tough time getting back to $65,000. Right now, it’s stuck at $63,488. Let’s break down why Bitcoin’s price is struggling and what on-chain data and technical indicators are telling us.
Indicators support the bears
Bitcoin’s 50-period moving average (MA) is sitting at $63,838, while the 200-period MA is at $64,509. When the price is below these averages, it usually means the market is bearish.
The middle Bollinger Band is at $64,299, with the upper band at $65,390 and the lower band at $63,209. Bitcoin’s price is hugging the lower band, which means it’s oversold. We could see a rebound if buyers step in strong.
![Bitcoin struggles to reclaim $65,000](https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-18_19-39-56.png)
The RSI is at 30.34, which is close to the oversold mark of 30. BTC might be due for a bounce back, but it also shows there’s heavy selling pressure. The MACD line is at -93.84, and the signal line is at -222.28.
A negative MACD and a histogram below zero are the strongest bearish signs yet. There is a lot of downward pressure on Bitcoin. Then we have the On-Balance Volume that’s at -13. This means there’s more selling volume than buying volume.
On-chain is also bearish
Looking at BTC’s on-chain data, 87% of holders are making money at the current price, while 3% are breaking even and 10% are losing money. Bitcoin has always had strong support from its long-term investors. They’ve been through it all.
![Bitcoin struggles to reclaim $65,000](https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_historical_in_out_of_the_money_bitcoin_2024-07-18T19_26_11.521Z.png)
When we look at how long people have been holding Bitcoin, 71% have held it for more than a year, showing long-term confidence. About 25% have held for 1-12 months, and 5% for less than a month, showing some short-term traders.
In the last week, transactions greater than $100,000 are worth $92.22 billion, thanks to spot ETFs raking in a hell of an inflow all through the week. Positive netflows into exchanges is $273.38 million over the last week.
![Bitcoin struggles to reclaim $65,000](https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_historical_active_addresses_by_profitability_bitcoin_2024-07-18T19_27_13.547Z.png)
This means more Bitcoin is being moved to exchanges, likely for selling or trading, supporting the short-term bearish pressure. Most on-chain signals are bullish. The overall sentiment is leaning towards upward price movement.
Bitcoin might test support levels around $63,000. If it holds there and the RSI moves up, we could see a rebound towards $65,000. But if selling continues and the price drops below $63,000, the next major support level is around $60,000.
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