bullish

Bitcoin

when

The post <a href="https://coinpedia.org/price-analysis/bitcoin-stuck-within-a-corrective-wave-another-lower-high-could-be-on-the-horizon/" rel="noopener noreferrer nofollow">Bitcoin Stuck Within a Corrective Wave: Another Lower High Could Be on the Horizon!&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Bitcoin bulls are losing strength as they are unable to sustain the rally above the gains. The market dynamics do not appear to be in their favour and as a result, the Bitcoin price is now feared to maintain a steep descending trend, regardless of the interim bullish spell. The latest rebound from levels around $57,000 to above $59,000 had circulated a bullish wave within the markets. However, from a larger perspective, the BTC price remains stuck within a bearish trend and may require more power to initiate a breakout.&nbsp;
During the previous day’s trade, the bulls demonstrated significant strength, which prevented the price from closing below $56,000. The large wick indicated the possibility of a bullish continuation, but the bearish start to the day squashed the likelihood of an ascending trend for a while. Now that the bearish action could prevail for some time, will the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> plunge back below $55,000?
But what went wrong? Why is Bitcoin’s (BTC) price falling?&nbsp;
The confidence of the retail traders shakes when the whales display their unwillingness to hold BTC. In a recent update, huge whale movements have been detected, which has raised huge suspicion over the next price action. As per the data from <a href="https://x.com/lookonchain/status/1831530909335716102" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a>, nearly 4000 BTC has flowed out of Fidelity custody wallets.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf0eN456TUfc2RggV8RinzYVF9ww0wovMcYNn2FgYkE5A0mihxRyYJYl1xFYitP0PenoWqPfDGkkf5P1w7SguDDKmYW3QK891hOkyc_61wd5MV-s-4hBnlWVnhTQN77QFgtg9Yq8rg7__ebMER1nEx4q-dh?key=UQLd330rbVtjws1kbpfHTA" alt="">
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The whales have been rotating their assets around the space quite often in recent times, which has raised the volatility of the tokens. While the possibility of a massive dump of countries haunts the rally, the likelihood of them just moving around the assets, causing FUD among retail traders. As a result, the BTC price remains stuck within a range and holds both the possibility of a bullish continuation and a bearish pullback.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdWNPB3NRFnmMWBCy-znh4DxlkESgUxSf27UWuojO5QPgV2JwF3s600qO6Xfa2mftGJeC8Qgdh-ULv0oKDH-p0aJT2WcdUSlWcSkoAPRofZWrVmvwzLzKsfU63RfZQGuNb0n6W_Tnpqy_QfuzkOMKrM1f0?key=UQLd330rbVtjws1kbpfHTA" alt="">
 <figcaption class="wp-element-caption">
 Source: <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click&amp;f=live&amp;pf=on" target="_blank" rel="noopener noreferrer nofollow">X</a>
 </figcaption>
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During the previous trading day, the BTC price tested one of the crucial price zones around $56,200 and failed to hold, marking the daily lows around $55,600. Although the bulls have pushed the prices higher, the price is likely to drop back below $56,500 shortly. With the growing bearish possibilities, the lower targets have been activated. However, if in case the bulls manage to hold $56,200, the bulls are expected to reclaim their dominance; otherwise, a drop below $52,000 will be imminent.&nbsp;
Therefore, the next few hours are believed to be extremely important for the Bitcoin (BTC) price rally which may set the next path of action for the upcoming weekend.&nbsp;

Bitcoin Stuck Within a Corrective Wave: Another Lower High Could Be on the Horizon!

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