Bitcoin Capped Below $58,000: Is This The Most Muted BTC Bull Run In History?

Bitcoin is swinging sideways, looking at the performance in the daily chart. Even though the march from early this week was impressive, what’s needed for trend definition is a conclusive, high volume close above $58,000. The leg up would also mean the total reversal of September 7 losses. Before then, conservative traders can stay on the sidelines until there is a move, either above $60,000 or below $50,000. From the fundamental front, there is little movement, though inflows to spot ETFs continue to build up momentum.

At press time, the world’s most valuable coin is flat. Technically, the downtrend remains from a top-down preview. From the look of things, Bitcoin bulls need to reassert themselves. Any surge will draw back buyers. In turn, it will move dials, pushing engagement higher, above the $36 billion of the past day.

The following Bitcoin news events dominate headlines:

• Analysts are convinced Bitcoin is finding support. Pointing to the stablecoin supply ratio–which is at the bottom of the Bollinger Band for the first time since June 2022, they think the coin is at a critical support. Even so, for bulls to take over, prices must edge higher, clearing local resistances.
• Considering the state of price action, one analyst thinks Bitcoin is either in one of the most muted Bull Run in history or the true Bull Run is yet to start. Either way, sellers are dominant at press time, and prices need to move for this outlook to shift.

Bitcoin Price Analysis

BTC/USD is in a bearish formation, looking at the daily chart.

The retracement from this week’s highs is a concern for buyers.

Accordingly, aggressive traders can consider shorts below $58,000 and as long as prices are inside the September 7 bear bar.

For this preview to shift, Bitcoin must clear $60,000 with rising volume, confirming bulls of early this week.

If not, and bears double down, conservative traders can consider shorts once there is a high-volume breakout below $50,000.