Bitcoin again go below the $40,000 area and back in the trading range. BTC need to go above the $40,000 area otherwise we will see a retest of $38,500 support. Bitcoin is now at the 100 MA and need to hold above this. Monday remains red for the last few weeks. If BTC unable to go above the range again by tomorrow then this will turn into a bull trap and we will a retest of major support area of $36,000-$36,500.
The market is taking some profits on this rally though, realizing up to $2.4B in net realized profit on Tuesday. This isn’t alarming and is to be expected after we’ve sat at the bottom of a range for weeks. But just to do some further investigation, I find it prudent to look at the age of the coins being sold. If we see strong profit-taking older coins fading every bounce looking for exit liquidity that’s not ideal. So, here’s what can be found upon further investigation.