This Pattern Has Emerged Three Times Since Late 2023, Triggering BTC Price Corrections

Since late 2023, Bitcoin has experienced significant corrections, triggered by a recurring price pattern observed three times. Recently, Bitcoin dipped to approximately $98,951, testing two critical support levels: the 365-day simple moving average (SMA) at $102,055 and the 365-day exponential moving average (EMA) at $99,924. Long-term holders have reduced their holdings from 14.7 million BTC in July to 14.4 million BTC, marking the third wave of profit-taking since late 2023. This trend has added selling pressure leading to price consolidations and corrections, often resulting in drops of 10% or more. The previous correction occurred following the November 2024 rally, underlining the influence of long-term investor behavior on price dynamics. Bitcoin's current situation is precarious, as it tests these crucial support levels, which could determine the future direction of its price movement.

Source 🔗