Bitcoin price is coiling up! The crypto markets are witnessing a sigh of relief as the bulls seem to have gained back their dominance. Besides, a couple of positive stories are also fueling the optimism around the tokens, which had turned into fear during the past weekend. Meanwhile, fresh rounds of transfers of around 3,100 BTC from the address linked to the German government to Kraken and BitStamp have emerged.
This was assumed to create another round of fear within the markets, but Bitcoin managed to absorb all the sales strongly as the demand for the token was growing significantly. Moreover, the whales also appear to have utilised the opportunity of accumulating at a lower price as the spot BTC ETF volume again soared above 294 million.
With this, it is assumed that the BTC price has accomplished its correction and, hence, may begin to test the upper targets, reclaiming the lost levels in the coming days. However, the current trade setup displays a small probability of going through a correction phase.
In a larger perspective, the BTC price has dropped below the crucial support zone, which is assumed to have revived the bullish strength. However, the technicals do not support the bullish narrative as a whole. Mainly because the RSI is cemented at the bottom, displaying minor bounces, while the OBV still sticks to the support, validating the continuation of the descending trend. Therefore, if the BTC price fails to enter the support-turned-resistance zone between $57,412 and $58,381 before the CPI rates are out, then a fresh descending trend may drag the levels below $53,000.
Despite the bearish clouds hovering over crypto, the BTC price remains bullish in the short term. Meaning, that the price that started the day’s trade on a bullish note cloud remains bullish until the end of the day’s trade and may even surpass $58,000 which may further gain some bearish attention. However, the upcoming weekend may have an impact on the token as a rise above $58,500 may invalidate the bearish thesis while a plunge below $54,800 may revoke the bearish activities.
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