Bitcoin (BTC) Price Analysis and Prediction: March 13

Since March, Bitcoin's price has been consolidating in a wide range and gradually declining. This rangebound movement might eventually lead to a long-term bullish trend.

Bitcoin’s price has been battered over the past few months, and the technicals are showing signs of weakness. However, some on-chain metrics are suggesting that a price rally may be on the horizon.

Bitcoin’s price has been consolidating in a wide range since March, and the technicals are showing signs of weakness. The price has recently broken below the 200-day moving average on the daily chart, and it is now struggling to break above the $61K resistance level on the 4-hour chart.

If the price can break above the $61K resistance level on the 4-hour chart, it would be likely to rally toward the $64K level in the short term. On the other hand, if the pattern fails, things could quickly get worse, and the market could decline to the $52K level once more.

Despite the technical weakness, some on-chain metrics are suggesting that a price rally may be on the horizon. One metric, which is showing signs of strength, is the Bitcoin exchange reserve.

This metric measures the amount of BTC held in exchange wallets, and the number of these coins can be considered a proxy for supply, as they are readily held on exchanges and can be sold quickly.

As the chart above suggests, however, the exchange reserve metric has been on a steep decline since the beginning of 2024, indicating an aggregate accumulation behavior by investors. This is a good sign and can lead to a supply shock in the near future, which could result in a price surge for BTC.

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