Bitcoin price marked new lows close to $58,500 just before the day’s close and quickly reclaimed the levels. In due course, the bulls appear to have gained some strength, due to which the price is juggling around $61,000. While the traders believe it to be the start of a recovery phase, the market sentiments and the volume point towards a different story. Hence, it indicates that the BTC price, which is holding one of the crucial supports, may remain consolidated for a while before the next move.
Ever since the start of the year, the BTC price has maintained a strong ascending trend, as it was self-assured of marking a new ATH. In the meantime, the traders were waiting for the trend to reverse, as they expected a rejection. The bearish sentiments began to surge as market participants focused more on the Bitcoin bottom, which has positively impacted the BTC price. A similar trend was witnessed during the previous trading day, which suggests a strong reversal is on the horizon.
The data from Santiment reveals the growing social volume and dominance, which spiked for the word ‘bottom’. This has occurred multiple times in the past few months, which has offered a bullish push to the BTC price. The levels reached their highs for the first time after February 2024, which signals a probable rebound could be incoming, however, technicals point to diverse price action.
The BTC price is trying to sustain above the crucial support at $60,746 with the recent upswing, however, the move has not been validated yet. The absence of the lower wick indicates the absence of the buyers and hence the upper pressure may continue to accumulate over the BTC price rally. Therefore, if the bulls gain strength, then a rise until the mid-range close to $65,000 could be imminent; otherwise, a failure may lead the Bitcoin price to drop back to the yearly lows close to $56,000.
Therefore, the next couple of days until the monthly close may have a huge impact on the Bitcoin price rally and the entire crypto market.
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