Bitcoin Price Analysis BTC Needs to Reclaim This Level to Recover Bull Market

Coin World News Report:
The recent price trend of Bitcoin has spread fear throughout the entire cryptocurrency market, as participants worry that the bull market may have come to an end.
However, the situation in the cryptocurrency field may change soon, and there is still a possibility of recovery.
Technical Analysis
By TradingRage
Daily Chart
From a daily perspective, since falling below $70,000, the price has remained at lower highs and lows, indicating a clear bearish trend.
Last week, the market even dropped below the key level of $60,000 and the 200-day moving average, which was near the $58,000 mark.
Meanwhile, the support level of $57,000 held the price, preventing further decline. Therefore, if the price can quickly rebound above the 200-day moving average, the recent decline may be seen as a bear trap, and an increase is expected.
Source: TradingView
4-hour Chart
The price trend is clearly bearish within the 4-hour chart, forming a still intact bearish trendline. However, with the recent bounce from $54,000, the level of $57,000 is currently being tested.
If the price breaks above $57,000, a short-term rebound towards the bearish trendline is expected. However, as long as BTC trades below this trendline, the overall trend remains bearish.
Source: TradingView
On-chain Analysis
By TradingRage
Bitcoin Exchange Reserves
With the recent downward trend in Bitcoin prices, many may think that investors have lost hope in the continuation of the bull market in the cryptocurrency market. However, not all BTC holders feel the same.
This chart displays the Bitcoin exchange reserves indicator, which measures the amount of Bitcoin held in exchange wallets. Typically, growth indicates distribution, while a decrease is associated with accumulation behavior.
It is evident that in the final stage of the recent price decline, the value of exchange reserves increased.
However, in recent days, this indicator has rapidly declined, indicating that some investors view this price as a buying opportunity and are purchasing and withdrawing coins from exchanges. If this trend continues, the supply-demand balance may shift towards a bull market, and the adjustment may soon come to an end.
Source: CryptoQuant