BTC continues to struggle near resistance and could approach lower support around $52K.
Bitcoin stalled just below $56K resistance after a near 18% price recovery from last week's sell-off. Short-term support is within reach.
Long-term bitcoin holders were unmoved during the recent correction, similar to previous turning points, according to Glassnode.
BTC is now at the most overbought level since April 14, when it reached an all-time high around $64,800.
The SOPR indicator, which measures aggregate net profit/loss could signal a BTC market bottom, according to Glassnode data.
BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
The daily RSI is approaching oversold territory, which could attract short-term buyers.
BTC has remained in a consolidation phase since February.
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
NYDIG's analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback.
BTC buyers take profit, but selling should be limited around $61K support.
But the impact on the market may be little.