Bitcoin bulls have embarked on another attempt at breaking out of their 2-week low volatility phase but is a strong breakout imminent?
It has demonstrated resistance near the $61,000 level during that time, resulting in pullbacks every time it pushed near or above that zone.
For starters, BTC’s RSI has been struggling to push above its 50% level ever since the crash that occurred earlier this month. Meanwhile, Bitcoin whale activity has been on the rise. Addresses holding at least 10 BTC have been increasing in the last few days.Its exchange flows have been quite cyclical over the last few months, with peaks and troughs.
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