The markets appear to have become more volatile as the trade is heading towards the end of the month. The Bitcoin price began the monthly trade on a bearish note, which went on to form fresh lows below $50,000. Meanwhile, the bulls jumped in and poured in massive liquidity, which assisted in a price rise beyond $64,000. A 30% price variation within a month suggests the bulls and bears have become active and hence a dynamic price action may follow in the coming month.
Ever since the BTC price broke out of the range, the balance on the exchanges has been declining rapidly. After maintaining a steep bearish trend, the balances have now reached the lowest point this year. Less BTC available on the exchanges means fewer sellers in the markets, hence indicating the price is gearing up for a major move ahead. On the other hand, a popular indicator is about to turn bullish, which suggests that this could be a better time to accumulate as the price may soon begin with a fresh bullish spell.
The puell multiple is a market metric indicator used to estimate the level of sell pressure within the markets. It is the ratio between the daily issuance with its average over the past year, which is about to break the re-accumulation phase, just above the lower threshold. The BTC price experienced a massive breakout when the indicator rose above the consolidated range. Therefore, it can be the second-best chance after 2022 to reaccumulate before the start of the next wave.
Meanwhile, the BTC price in the short term is heading towards the end of the monthly trade and hence the bears are expected to have significant pressure on the token. The overall spot delta suggests the trend remains under negative influence, while the overall spot CVD remains bullish with a notable increase in the buying pressure. The key levels to watch are around $60,500 as resistance and $58,500 as support, with the next move likely depending on whether buying pressure can overcome the current resistance.
However, the Bitcoin (BTC) price is chopping around a narrow range, which is expected to persist for some more time before the next price action.
