As of now, Bitcoin (BTC) seems to be making an effort in growing its price above the mark of $50,000 per BTC. The reports reveal that the $50,000 per BTC figure, for now, is the psychological mark that Bitcoin analysts have currently set for the digital asset.
While some analysts are predicting positively for Bitcoin, most of the analysts have something else to say about it. Most of the analysts seem to be making bearish predictions surrounding the price of Bitcoin.
The analysts are predicting that it is highly likely that the price of BTC may not be able to make a recovery that quickly. Instead, it may take the digital asset several weeks or even months to make a recovery towards its price.
CryptoQuant, one of the major on-chain data analytics firms has shared its findings surrounding BTC. They have revealed that as of now, the Bitcoin whales are involved in making mass deposits for Bitcoin into the exchange.
This only tends to increase the pressure on the entire Bitcoin market. It indicates that the whales may be looking for an opportunity to cash out on their BTC the moment the situation looks promising. They may be waiting for the price for BTC to move in the upwards direction. If that happens, they may make the move of selling their BTC for gains.
The current price for Bitcoin is above the psychological price, and analysts speculate that it may have resulted in traders selling BTC at a high rate.
The data suggests that the bulls and corporate investors had made full use of the BTC dip, as they carried out mass purchases during the period. They made the attempt to try and push the price of BTC even higher. However, for now, the price of BTC is experiencing a lot of resistance and the bears are making all the attempts of pushing its price down.
The downsloping of Bitcoin below the EMS goes to show that the bears are strong at the moment. As of now, the 20-day EMA for Bitcoin is at $55,551 per BTC. Even the RSI for Bitcoin seems to be making it quite clear that bears currently have full control over Bitcoin.
For now, it seems that the bears are trying to pull the price of BTC even lower. If that happens and BTC gives in to the resistance, its price may go near the $42,000 to $39,600 figure, which is the strong support zone for BTC.
On the other hand, the analysts predict if the bulls succeed in their efforts, they could create a huge rally for BTC. It may help BTC hit and cross the 20-day EMA price, which is $55,551 per BTC. Once BTC crosses the 20-day EMA figure, it may be on the right track to going for a higher rally to bring its price above the $61,000 per BTC figure.