Bitcoin (BTC) has spent months consolidating within a broad range bounded by $56,552 and $73,777, prompting strategic buying near support levels and selling near resistance zones. Extended periods of consolidation typically require significant catalysts to break the price out of its range.
Efforts by bears to drive prices lower, fueled by news of the German Government selling their Bitcoin holdings and the anticipated Mt. Gox payout, failed as lower levels attracted buyers who defended support, sparking a potential recovery.
Investors capitalized on recent weakness to accumulate, with SoSo Value reporting $31 million in net inflows into spot Bitcoin exchange-traded funds following nearly $1.3 billion in outflows over the past fortnight.
Can Bitcoin bulls stave off a decline below $56,552? And could this trigger a rebound in altcoins? Let’s delve into the charts of the top 10 cryptocurrencies for insights.
**Bitcoin Price Analysis**
Bitcoin bulls face a critical battle to prevent bears from breaching the pivotal $56,552 support level.