Bitcoin recently saw a decline, dropping below the critical $59K support level. Despite this, there was a strong bullish bounce near the 100-day MA, indicating the possibility of increased buying activity.

Examination of Technical and On-Chain Data

A closer look at the daily and 4-hour charts shows the potential for a bullish trend in the medium term, as long as the price remains above $59K. Additionally, on-chain analysis of the Bitcoin Short-Term Holder Realized Price metric suggests a positive trend if the price stays above the short-term participants' realized price.

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