Bitcoin unable to break above $56K as accumulation continues

Bitcoin accumulation is hitting record highs as the world’s biggest cryptocurrency remains at $56,000, unable to break above $58,000. The current situation shows a 17.47% drop from the Bitcoin all-time high, which TheCoinRise previously reported. 

As of 7:08 PM GMT, the data from CoinMarketCap shows that Bitcoin’s trading volume is down by 11.71%, standing at $33.7 billion. Furthermore, the market cap of cryptocurrency is $1.07 trillion. 

The market cap of the entire crypto industry is $2.5 trillion, which is over 20%, down from the highest crypto market cap ever of over $3 billion recorded by the TheCoinRise team.

Bitcoin opened the daily candle at $57.5K and reached a daily high at $57.7K. This was followed by the daily low at $55.8K. Overall, the price movement remains sluggish as Bitcoin tries to regain its bullish stance.

Bitcoin price analysis on daily chart

As per the daily chart from TradingView, which recently completed a new funding round at a $3 billion valuation, the Bitcoin prices are still in the uptrend. 

The 100-day Moving Average continues to progress below the price fractal but, the prices dropped below the 50-day Moving Averages, which now acts as a resistance zone. The long-term conditions remain bullish. 

The prices currently rest in the bearish zone of the Bollinger Bands, and a breakout from the lower end seems a good possibility if bears take over. However, if the support levels remain unscathed, this might be a good time to buy.

Bitcoin price chart by TradingView

The RSI levels are progressing in the bearish region, and the gradient is negative. This negative gradient suggests that traders might see lower BTC prices in the near future.

The MACD indicator is also bearish, with prominent red bars enclosed in the MACD histogram. There is a surge in selling pressure as traders continue to short their BTC. The MACD line (blue) remains below the signal line (orange).

Bitcoin price chart by TradingView

The accumulation of Bitcoin is reaching historical levels. Recently, TheCoinRise saw that long terms holders of Bitcoin have hit a multi-year high. This accumulation of the token hints at higher prices coming in soon.