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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Moves Sideways, But Looks Set For A Moon Week

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Litecoin LTC LTCUSDT

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Bitcoin re-tested resistance on its way up to $60,000 and was pushed back to support. At the time of writing, BTC trades at $57,500 with sideway movement in the lower and higher timeframes.

BTC BTCUSD
BTC is moving sideways in the daily chart. Source: BTCUSD Tradingview

Anonymous trader IncomeSharks has set support at $53,000 with $59,000 as an initial price target which BTC managed to reach. However, selling pressure on that mark appears high with a lot of retail investors still driving the price action.

In the coming days, trader Pentoshi expects BTC’s price to gain enough momentum to break resistance to the detriment of altcoins. As the trader stated, Bitcoin’s dominance could recover in the short term, after dropping below 50%:

I think $BTC is going to break out in a big way this next week. 90 Day range PoC is confluence with all 4hr ema’s both acting as support. Last thing I want to do is be over-exposed on this move.

Analyst Willy Woo shares the same thesis and predicts a migration of capital from altcoins into BTC soon. As shown below, BTC’s dominance has entered a zone of “high probability” for a trend reversal, as Woo claimed.

BTC BTCUSD
Source: Willy Woo

Many investors wonder if BTC has reached a local top, as it did in January 2018 when a 3-year bear market began. However, Woo believes this cycle has different indicators with a lot of BTC switching from short-term investors to “strong holders”.

Bitcoin BTC BTCUSD
Source: BTC supply goes into strong hands

As seen above, in 2017 BTC had a parabolic run, and the number of coins held by short-term investors grew. The opposite has occurred in this bull run. As BTC’s price rises, the percentage of its supply going into long-term holders increases in an “unprecedented” fashion. Woo added:

No way are we entering a bear market. That’s obvious this week from price action, but not so obvious 2 weeks ago when the sky was falling. Coins moving to corporate treasuries likely making an impact.

Bitcoin’s Fundamental Support Bullish Sentiment

Several BTC indicators point towards price appreciation. Analyst William Clement indicated that Bitcoin’s supply held by entities with 100-1,000 BTC shows similarities with a period of consolidation during January.

At this time, the metric registered almost no oscillation until it increased. This coincided with BTC’s price gaining momentum and reaching new all-time highs. As seen below, the chart appears to be similar.

Bitcoin BTC BTCUSD
Source: Glassnode via William Clemente

During April, the derivatives market for BTC saw high variations in the funding rate across all exchange platforms. In contrast, May has been more stable more for this sector with funding rates belove 0.05% which suggests a “healthier” price action.

Bitcoin BTC BTCUSD
BTC’s May Funding Rates show stability. Source: Glassnode via William Clemente
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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