Bitcoin remains within the $82,000–$85,000 range as buyers struggle to gain momentum, with key on-chain data revealing intriguing dynamics beneath the surface.
**Technical Analysis**
*By Edris Derakhshi*
**The Daily Chart**
On the daily chart, Bitcoin is trying to maintain the $80,000 support zone after facing another rejection from the $88,000 resistance and the 200-day moving average, which now serves as a dynamic barrier. The price is currently confined between $80,000 and $88,000, without a clear direction. The RSI has retreated below the midline, failing to rise above 60, indicating weak momentum. For buyers, a confirmed daily close above $88,000 is necessary to overcome the recent lower highs and target the $92,000 level again. Conversely, a decisive break below $80,000 could pave the way toward $74,000 and even $68,000.
**The 4-Hour Chart**
On the 4-hour chart, Bitcoin was recently rejected from the red resistance zone around $88,000 after several days of consolidation below it. This sharp rejection, followed by a quick drop back into the $82,000 range, suggests strong short-term supply. Additionally, the RSI has cooled from overbought levels and is hovering near 40, indicating a loss of bullish momentum. Currently, $80,000 stands as the critical support level, while the $86,500–$88,000 zone continues to cap upward attempts. A break from either side of this range could trigger the next significant move.
**On-Chain Analysis**
*By Edris Derakhshi*
**Miner Reserve (EMA 30)**
The Miner Reserve continues to decline, marking one of the most prolonged distribution trends by miners in years. This steady sell-side pressure from miners suggests they have been taking profits throughout the rally, with reserves now at multi-year lows around 1.81 million BTC. While this ongoing reduction hasn’t led to a structural price breakdown, it adds supply pressure that could affect rallies, particularly if retail demand weakens. This trend indicates that miners might be anticipating lower prices or simply preparing liquidity ahead of the halving, making it a crucial metric to watch in the coming weeks.
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