Bitcoin price is trading at $57,500 with sideway movement in the lower and higher timeframes

Bitcoin price has retested resistance on its way to $ 60,000 and was pushed back to the support level. At the time of writing, BTC is trading at $ 58,697 with sideways movement on lower and higher timeframes.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price is sideways, some altcoins are down 2-% on the day

Some have placed support at $ 53,000 with $ 59,000 as the initial price target BTC achieved. However, selling pressure at that level appeared quite high with many retail investors continuing to move to price.

In the coming days, BTC’s price expectations will have enough incentive to break through resistance that hurts altcoins. Bitcoin Dominance is likely to recover in the short term, after falling below 50%. It is widely believed that BTC will boom strongly next week.

Furthermore, there is an early capital conversion from altcoins into BTC. As shown below, Bitcoin Dominance has entered a high likely zone for a trend reversal.

Many investors wonder if BTC has reached its peak, as it did in January 2018 when the 3-year bear market began. However, this cycle has different metrics with a lot of BTC shifting from short-term investors to holders.

Source: BTC supply goes into strong hands

As seen above, in 2017 BTC had a parabolic run, and the number of coins held by short-term investors increased. The opposite happened in this bull run. As the price of BTC increases, the percentage of its supply going to long-term holders increases in an unprecedented fashion.

Several BTC indicators point to price increases. The Bitcoin supply held by entities with 100 – 1,000 BTC shows similarities with the consolidation period in January.

At this point, the index has almost no movement until it turns up. This coincided with BTC’s bullish momentum and reached a new all-time high. As can be seen below, the chart appears to be similar.

In April, the derivative market for BTC saw a high discrepancy in funding rates across all exchange platforms. May, by contrast, was more stable for the sector with a funding rate of 0.05%, which shows a healthier price action.