Bitcoin (BTC) bulls are still hoping for a big breakout, but so far the bears are pushing to keep their digital assets below $61,000.

Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullfights above $62,000 were met with a strong line of defense by the bears, who cleverly refused the attempt.

4 hour BTC/USDT chart. Source: TradingView
Here’s what traders and analysts are saying about the current Bitcoin price action and what to expect in the short term.

“Bitcoin is still on its way to $90,000”
While some traders may be bored with Bitcoin’s sideways price action, independent market analyst Rekt Capital recently released the following chart highlighting the fact that BTC has turned a strong opposition to support.

BTC/USD weekly chart. Source: Twitter
Rekt Capital sa:

“Although Bitcoin has been moving sideways for several weeks…it continues to test the large area of ​​the previous resistance (red) again as new support (green).”
As for the next step for BTC if it can hold support here and move higher, Cointelegraph Analyst and Contributor Michael Van De Poppe has published the following chart outlining the likely path that may follow the end of 2021.

BTC/USDT 1-day chart. Source: Twitter
van de poppe sa:

“Bitcoin is still on its way to $90,000.”
One goal of $80,000
Twitter user “GalaxyBTC” gave a simpler and fairer price prediction, which expects the outbreak target to reach $80,000.

4 hour BTC/USDT chart. Source: Twitter
Analyst said:

“I try to keep things as simple as possible. $60,000 is the new $40,000, and the second is $80,000.”
Related: Bitcoin whale sales surge as Bitcoin hits $60,000 and buyers increase supply

Whale wallets dominate barter deposits
According to CryptoQuant CEO Ki Yong Joo, the activity of the whale wallet continues to have a significant impact on the price of Bitcoin.

As explained above, most Bitcoin exchange deposits are made using whale wallets, but foreign exchange reserves continue to decline, which is an optimistic sign for BTC, as the decrease in the supply available for purchase tends to increase prices with increased demand.

The total cryptocurrency market capitalization now stands at $2.712 trillion, with Bitcoin dominance at 42.6%.

Source: CoinTelegraph

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