The risk in the near term appears to be high, but this might also be a good long-term buying opportunity.
The price is currently testing the 50-day MA, which is a key level to hold on the daily chart.
It is critical for the bulls to protect $53K as this level determines the larger technical structure on the chart.
This suggests that investors are buying BTC and removing it from exchanges into cold storage, adding to the supply exhaustion.
This suggests buyers who rushed in when BTC pushed above $65K are now panic-selling at a loss.
LTHs and miners are distributing lightly and not aggressively.
Dan is a cryptocurrency technician and on-chain analyst with 11 years of experience in equity markets and over 4 years in crypto markets.