Is Bitcoin Price Headed for a Relief Rally? Charts Have the Answer
Two on-chain signals suggest Bitcoin might be building blocks for a relief rally, but price confirmation is still needed.Summary
Despite a recent 2% drop in Bitcoin's price, two underlying signals suggest potential for a relief rally. The first is the On-Balance Volume (OBV), which recently broke above a bearish trend line, indicating strengthening buying pressure, though confirmation requires a higher high.
The second signal is the Hodler net position change metric, which turned positive for the first time since September, showing long-term holders are adding BTC, signaling conviction. A true rally requires both OBV follow-through and continued accumulation by hodlers.
For the price action, Bitcoin must reclaim the $90,840 resistance level; failure to do so keeps bounces temporary. Key upside targets are $97,190, $101,710, and $107,470, while downside support rests at $86,915.
(Source：BeInCrypto)