As sideways action in the markets continues, analysts are now adamant that Bitcoin needs to recapture $60,000 for the next leg of any bull run to continue.
Bitcoin's woes are showing no signs of subsiding, with the world's biggest cryptocurrency dipping to fresh lows of $55,632.76.
Monday was punctuated by a surge from $56,766 to $58,941 in the space of 25 minutes.
But in a clear sign that BTC is showing weakness, the world's biggest cryptocurrency handed back these gains in the hours that followed.
The boost had coincided with news that President Joe Biden has selected Jerome Powell for a second term as chairman of the U.S. Federal Reserve, with Lael Brainard as his deputy.
This news could be regarded as a bullish development because of how the Fed has embarked on an aggressive round of money printing under their tenure.
Bitcoin enthusiasts regularly point to how this devalues the dollars already in circulation, and makes the cryptocurrency — which has a fixed supply of 21 million — more attractive for retaining value.
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
The State of Play
As sideways action in the markets continues, analysts are now adamant that Bitcoin needs to recapture $60,000 for the next leg of any bull run to continue.
Such a milestone may be easier said than done given how BTC violently rejected at this level on Monday.
On Crypto Twitter, the narrative indicates that the bull run is lengthening, meaning that a "blow off top" may not occur until next year.
But some skeptics have accused these influencers of moving the goal posts — and there's little doubt that bearish sentiment is starting to seep in.
The latest Crypto Fear & Greed Index indicates a score of 33 — Fear.
