Bitcoin still has a good chance of rebounding again.

The price of Bitcoin has undergone a downward adjustment in the recent past. News during this period has revolved around the Securities and Exchange Commission (SEC) filing lawsuits against Binance and Coinbase, both of which are major cryptocurrency trading platforms with significant trading volumes globally.

However, it's not just the SEC lawsuits. There is also information indicating that Bitcoin miners have been sending a large amount of BTC to exchanges (CEX) to sell and use as operational capital. The amount sent recently has been significantly higher compared to the past.

Bitcoin miners have sent BTC worth over $70 million to CEX, according to Glassnode, a data aggregator on the blockchain. The amount of BTC moved in the previous week was the third-largest inflow ever recorded for Bitcoin miners when measured in USD, and it was 30% lower than the peak in 2021 when the price of BTC reached an all-time high of $69,000.

Despite the significant selling volume, long-term Bitcoin holders still maintain confidence. Glassnode reports that holders who have held BTC for over a year represent the largest proportion at 40.1% of the total BTC supply.

When it comes to market dominance in the cryptocurrency market, Bitcoin has experienced rapid increases in its market share during the US banking crisis in March 2023. It has reached its highest market share since 2022, and in recent days, Bitcoin's market share has approached almost 50% of the total market.

However, despite the continuous adjustments and recent trading around $26,000, the long-term trend for cryptocurrencies, including Bitcoin, remains bullish. One key indicator suggesting this is the Puell Multiple, which indicates that Bitcoin still has a chance of increasing in price, even after recent downward adjustments.

Renowned crypto analyst Crypto Con believes that the trend for Bitcoin remains unchanged, indicating a bullish market. Furthermore, Bitcoin has not yet reached its upper middle line without a decline, as seen in the chart below, suggesting there is still room for growth.

It's worth noting that Bitcoin's upward movement is also influenced by adjustments in interest rates and inflation rates, as announced recently. Yesterday, CPI and Core CPI were announced, with CPI coming in at 4%, slightly lower than the expected 4.1%, and Core CPI at 5.3%, in line with expectations.

Technical analysis data (5H)

Resistance: 26129.4, 26210.7, 26357.4

Support: 25901.4, 25754.7, 25673.4

Source: Investing.com