Bitcoin (BTC) bulls are still hoping for a big breakout, but right now the bears are putting pressure on keeping the pinned digital asset below $ 61,000.

Data from Cointelegraph Markets Pro and TradingView show that the early morning bull breakout hit above $ 62,000 with strong defenses against the bears who manually refused the attempt.

Here’s what traders and analysts are saying about Bitcoin’s current price action and what to expect in the short term.

“Bitcoin is still on the way to $ 90,000”

While some traders may be bored of Bitcoin’s sideways movement, the independent market analyst “Rekt Capital” recently announced sent The graph below highlights the fact that BTC has turned the important resistance into support.

 

Rekt Capital said

“Even though BTC has been flat for weeks … It has continued to successfully retest a previous large area of ​​resistance (red) as new support (green).”

What happens next for BTC if it manages to hold support here and climb higher, says Cointelegraph analyst and contributor Michaël Van De Poppe sent The graph below outlines one potential path price could follow after it ends in 2021.

 

van de Poppe says

“Bitcoin is still on the way to $ 90,000.”

An easy goal at $ 80,000

A simpler and more understandable price prediction from Twitter user ‘GalaxyBTC’ who Expectation Breakout target is $ 80,000.

 

The analyst said

“Try to keep things as simple as possible. $ 60,000 is $ 40,000 new. The next $ 80,000 “.

Related: Bitcoin whale sales are rising while BTC price holds $ 60,000 and buyers catch up on supply

Whale wallets dominate the exchange deposits

According to Ki Young Ju, CEO of CryptoQuant, whale wallet activity still has a significant impact on Bitcoin price.

#Bitcoin keeps support above $ 60,000 even though whales are being dumped.

Most $ BTC Currency deposits come from whales. The top 10 TX accounted for almost 90% of the total volume for one hour.

The foreign exchange reserves are decreasing, which leads to a lower supply on the stock exchanges. https://t.co/XSEdjzHnQy pic.twitter.com/UtJpGzp0UK

– Ki Young Ju (@ki_young_ju) November 5, 2021

As noted above, the majority of Bitcoin exchanges are made with whale wallets, but currency reserves continue to decline, which is an optimistic sign for BTC as the reduced supply to buy tends to lead to price increases as demand increases.

The total crypto market cap is $ 2.712 trillion and the dominance of Bitcoin is 42.6%.

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