Bitcoin Bear Run Extends as Price Holds on Stubbornly at $58K

• Bitcoin price showed a modest price dip in the last 24 hours. 
• The cryptocurrency’s daily trading volume surged by 20.27% as per CMC data.

The crypto market seems determined to abstain from upward movements in the past few months. The May bull run left investors hoping for huge price actions in the following months which the crypto market has failed to deliver. In the past week, cryptocurrencies again entered a bull-bear price cycle escalating uncertainties. 

Notably, Bitcoin, in the last 24 hours, has entered its previous price slump at $58,000. While market analysts have predicted Bitcoin to hit over $1 million, the cryptocurrency has not recorded significant movements in the time being. In particular, BTC factored in a 0.17% price dip in the past day highlighting the price slump. 

On inferring Bitcoin’s daily price chart, the digital asset momentarily hit the $59,000 level before receding to $58K. The token hit an intraday high of $59,154 before bears extended their dominance. At the time of writing, Bitcoin was trading at $58,678 as per CMC data. 

Meanwhile, the US spot BTC ETFs sustained last week’s inflows on Monday. According to Sosovalue data, the ETFs recorded a daily net inflow of $12.90 million on September 16. Secondly, the spot BTC ETFs weekly net inflows summed up to a significant $263.07 million on September 13. 

Will Bitcoin Price Overcome its Current Bearish Dominance? 

According to technical indicators on TradingView charts, Bitcoin’s short-term 9-day MA stands above the long-term 21-day MA. This results from the cryptocurrency’s recent venture to $60K. Additionally, the token’s MA crossover occurred in the last 24 hours. This can be interpreted that Bitcoin’s price might show upward movements in the coming days. 

However, such a possibility can be expected only if Bitcoin factors in a positive momentum in the next few days. Moreover, BTC is expected to face resistance at $60K and $62K in case of a bull run as per market analyst Ali’s predictions. 

Furthermore, the token’s RSI stands at 50.36 suggesting a mildly lingering selling sentiment in the market. Additionally, Bitcoin’s bull power indicator stands at 5.25 above zero while its bear power indicator stands at 4.70 below zero. This suggests that Bitcoin is attempting to overpower the bears as the indicator shows increasing bullish dominance. 

Meanwhile, other cryptocurrencies such as Ethereum have shown modest price increases in the last 24 hours. 

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