Thursday was a rollercoaster for the crypto market, with Bitcoin once again failing to break through a single key resistance level. Despite a promising U.S. inflation report that had everyone squeaking, BTC couldn’t hold its ground.
Instead of soaring, it kept spiraling downward, a pattern we’ve been seeing since early June. Now yesterday, for a fleeting moment, it seemed like Bitcoin bulls might finally get their way. They were eager to push past the descending trendline.
A breakthrough here would’ve been insane, but dreams don’t always come true. Bitcoin’s bullish aspirations were short-lived as the price took a nosedive from the trendline resistance, temporarily plummeting below $57,000 earlier today.
Still though. On-chain data shows that the bulls still have a little more ground than the bears. Analyzing Bitcoin’s token summary, 76% of holders are currently making money at the current price. Netflows are up and institutional investors are still quite active.
The signals summary indicates a mostly bullish sentiment. With zero bearish signals, five neutral, and two bullish, the market sentiment leans towards optimism, though it’s not overwhelmingly positive.
On-chain signals, such as the in the money metric, are neutral at 0.10%, showing that the proportion of profitable transactions isn’t skewed towards either extreme.
Looking at BTC’s trading chart, it’s clear that the bulls are struggling. Price is currently trading below the Ichimoku Cloud, which is a bearish signal. The span lines place immediate resistance levels around the $58,689 to $62,737 range.
Bitcoin’s price is also well below both the 50-day and 200-day moving averages with a death cross that gives the bears another win. The RSI at 36.89 means that even though BTC is in bearish territory, it is not yet oversold.
The MACD line remains below the signal line, with both in negative territory. Given the current technical setup, Bitcoin is likely to face continued resistance at the $57,000 to $58,000 range.
If the price fails to maintain support at the $56,983 level, we could see further declines toward the $53,000 support level. However, a sustained move above the $58,689 resistance will invalidate the bearish outlook and trigger a bullish reversal.
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