Bitcoin — 58k Remains The Barrier!

Bitcoin made another attempt to break through the 58k barrier yesterday. However, the attempt wasn't fueled by strong volume and was easily fent off by the bears.

Yesterday's price action supports my thesis of another dump toward the CME gap at 54k and the channel's bottom before the price goes higher. The volume does not support massive bullish momentum at this point.

Currently, 56.5k acts as a support level, but I don't think it'll last much longer.

The only thing that could invalidate my scenario is a surprise in the inflation data. Unfortunately, the chances are relatively low since the inflation forecasts have been pretty accurate lately.

From a long-term perspective, nothing has changed. I added a path that illustrates my expected scenario. Summarized: We will go lower during the next few days before we start pumping into October.