Bitcoin Price Drops 5% to $41K; Bulls Face Resistance at $44K Despite Long-Term Holder Conviction
• Bitcoin price dropped 5% to $41,645 on Dec. 11; some on-chain data shows Bitcoin was overextended and due for a correction • Golden ratio multiplier indicator highlights Bitcoin reaching near-term, "over-extended" target around $44,000 • Stiff resistance around $44,000 supply zone making it tough for bulls to push price higher • Exchange outflows increasing suggests investors inclined to hold, not sell - a bullish sign • Despite correction, Bitcoin remains in an uptrend above key moving averages; breakout above $44,000 could drive price toward $50,000