The Bitcoin see-saw continued yesterday. After the encouraging uptick on Monday, buyers failed to follow through yesterday. Prices are now back to May 12 lows, and it looks like the dominant trend, at least in the short term, remains. Unless bulls are determined to push prices higher, above the current consolidation and $66,000, sellers will be in control.

Reflecting the state of affairs in the daily chart, trackers show that Bitcoin is back in red, losing roughly 1% in the last week. Prices are notably moving horizontally, and sellers are back in the picture, soaking up all the buying pressure. So far, participation in the past day is decent, at around $24 billion. Overall, as long as the consolidation remains, the average trading volume will remain suppressed, and sellers will be more emboldened.

The following Bitcoin news events might influence price action:

• The State of Wisconsin reportedly bought $100 million of spot ETFs in a major endorsement of Bitcoin. According to records, the state now holds 94,562 shares of BlackRock’s IBIT. Their investment board also added another $64 million worth of GBTC.
• As Bitcoin trends at around all-time highs, reports show that retail investors are sitting out of the rally. Institutions drive Bitcoin following the approval of spot ETFs in January. This state of affairs means that BTC is not FOMO-driven like in 2017 or 2021.

Bitcoin Price Analysis

BTC/USD is all over the place.

Looking at the formation in the daily chart, sellers remain in charge.

Prices are still in an extended consolidation, now exceeding over 70 days.

Without a decisive break above $66,000, sellers will be in control.

However, before traders double down on shorts, better entries will be available should Bitcoin drop below $56,500 and the May 2024 lows.

If the breakout is with rising volumes, the odds of BTC dropping to $50,000 will be high.