BTC is trying to climb higher
Bitcoin is trying to climb higher and break the resistance area at $58000.
The conviction between buyers is not very obvious, as STHs (short-term holders) are under water and risk appetite is modest for Bitcoin.
However, there are certain bullish factors affecting BTC price:
Miners' revenue fall, which might decrease the supply in the market
Bitcoin holds well after sell-offs, the accumulation process by LTHs continues
Volume and ETF flows softens, though overall sentiment for Bitcoin is more bullish than bearish.
If nothing concerning happens, the ascending wedge for BTC might be broken to the upside.
The conviction between buyers is not very obvious, as STHs (short-term holders) are under water and risk appetite is modest for Bitcoin.
However, there are certain bullish factors affecting BTC price:
Miners' revenue fall, which might decrease the supply in the market
Bitcoin holds well after sell-offs, the accumulation process by LTHs continues
Volume and ETF flows softens, though overall sentiment for Bitcoin is more bullish than bearish.
If nothing concerning happens, the ascending wedge for BTC might be broken to the upside.
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