Since shedding nearly 30% and dropping to the $45K lows, Bitcoin has found it hard to get back up. But this week, the digital asset has found some juice. Starting Monday, the digital asset climbed above $50K and by Tuesday had hit as high as $55K. Unfortunately, the bulls have failed to sustain profits as the asset came under heavy selling pressure.
As of publication, the digital asset is trading just below $55K with bulls facing a major wall at this level. It is especially critical as it is close to the current ATH of $58K. If bulls can keep their foot down and break above $55K, a new high will be the next stop. On the lower side, analyst Michaël van de Poppe believes it is key for Bitcoin to hold above $52K.
Sentiments remain bullish for the most. One key indicator is the balance on exchanges which has hit a new two-year low. Data from Glassnode shows that exchange outflows have taken another dive. Analysts have been warning that this trend could trigger a supply squeeze. If so, Bitcoin will be set for a long-term bullish run.