According to TechFlow, crypto analyst Willy Woo pointed out on Twitter that $58,900 is a strong support level, which could trigger a bear market if it falls below it.

CVD selling pressure has peaked, so the next phase will be the "upward" phase. However, it will take several weeks to enter a suitable bull market environment. In addition, the upcoming halving may bring more volatility.

He also pointed out that Bitcoin's continued consolidation near its all-time high will help consolidate its long-term support, saying it is a good sign for Bitcoin as a trillion-dollar asset class.