Bitcoin price is yet again attempting hard to leap towards the $58,000 target in a very short time frame. It’s mandatory for the asset to keep up the uptrend for another couple of days in order to slice through the pivotal zones around $60K. Else the BTC price could keep hovering around similar levels with minimal fluctuations for the further couple of days.
With the market dropping frequently, the traders obtained a good opprtunity to accumulate more BTC. And hence more traders currently have become the ‘whole bitcoiner’ in no time. As per the data, nearly 0.007% entire population is holding 1 full BTC.
The asset since the early trading hours witnessed huge volatility with balanced buying and selling pressures. Instead of undergoing a huge rally, yet the asset appears to follow a steady uptrend. However, despite the bulls trying hard to range high above $59,000, bears are also proactive in keeping the price below $58,000.
Collectively Bitcoin is approaching a key resistance area where-in a breakout is mandatory. While a few hours are left for the monthly trade close, BTC price closing anywhere above $58,000 could be pretty bullish. However, in the short term, the asset exhibits a bearish trend with mounting selling pressure. Yet in the long term, the asset is bullish as it always bounces from the lower support trend line.