The Bitcoin price is again attempting to regain certain levels, which is expected to revive a strong ascending trend. In the short term, strong bullish action occurred in the early trading hours, which pushed the levels close to $61,000. In the event of a bullish breakout beyond the upper resistance, the probability of a pullback also hovers over the BTC price rally. Therefore, the next few hours can be important for the token, as a rise beyond the interim range may trigger a fine rise over the bearish influence.
The T.D. sequential indicator, the indicator that identifies a turning point in the price trend of the asset, continues to remain bearish. As per the data, the indicator presents a sell signal on the BTC hourly chart. This suggests the price may experience a fresh pullback in the short term, which may drag the levels back below $59,000 and be close to $58,700 or $58,900.
Does this suggest that the BTC price could extend its consolidation phase? Are the traders not confident in the upcoming BTC price rally?
Ever since the institutions entered the crypto markets, the retail traders, the whales, and the bulls have been maintaining a sluggish trend. The data suggests the whales have no interest in holding Bitcoin, as the addresses holding over 1000 BTC & 10,000 BTC are constantly plunging. Interestingly, the drop began ever since the BTC price dropped after achieving a fresh ATH at $73,750.
The wallets have dropped from above 2160 to close to 2000. A drop of more than 150 wallets suggests either they might have entered the ETF space or have begun to extract the profits. After the recent halving, it was expected that the miners may face a significant loss due to a drop in rewards and also a drop in the BTC price. However, ever since then, the miners have remained largely active, as the hash rate has remained above 550M, regardless of a drop from 730M.
However, the BTC price remains stuck in a bearish trend and is struggling to rise beyond the average bands of the channel. Meanwhile, the bulls are holding above the crucial support at $57,663, which keeps up the bullish possibility. The RSI remains elevated but has failed to rise above average levels since the beginning of the month. Now that the levels have surged above $60,000, the bulls are required to maintain above the threshold.
Therefore, the Bitcoin price is believed to rise beyond $61,000 as the buying volume is slowly rising. However, the drained volume remains a major matter of concern and remains consolidated below $25 billion. Although the bulls maintain significant dominance, the bears appear to remain passive and act at the right time.
Source: https://coinpedia.org/price-analysis/technicals-suggests-to-sell-bitcoin-but-heres-what-waiting-for-btc-price-rally/