📉 Bitcoin struggled, unable to break above $48K and find support near the key 100-day moving average. However, if there is a correction, there will likely be a strong downward trend, towards the important support level of $38K.

Technical analysis:

- The daily chart shows Bitcoin price finding support around the key $39K level after falling from $48K.

- The price could encounter resistance between $43,578 - $45,606, even pushing the price back towards the 100-day moving average. However, if the price falls below this level, it could result in a medium-term downtrend.

- The 4-hour chart shows the price falling below the bottom of the bullish channel, leading to an important reversal.

- If there is a successful correction, the market may witness a medium-term downtrend towards the important support level of $38K.

On-chain analysis:

- Miners' Position Index (MPI) shows the underlying sales activity of miners.

- Chart shows MPI increased significantly during Bitcoin's recent price increase above $40K. However, based on MPI analysis, concerns about a sell-off are minimal.

- This persistence shows that operators have the ability to endure deeper adjustments in the future. However, caution should be exercised if the selling behavior continues, which could lead to an excess supply of Bitcoin and a significant drop in price.