In the last 24 hours, Bitcoin has been plagued by the indecision of buyers and sellers as the digital asset has once again witnessed a bearish run to trade around $56,152. With this, the digital asset has registered a price fall of 3.98% in the last 24 hours after strong indications that it would touch close to the resistance figure at $59,000.
Before now, the asset was previously moving in between the previous $57,000 price mark and the $59,000 resistance level that it was trading before falling to the price that it is currently trading at now. In a nutshell, Bitcoin has been on this same trend line in the past few days, going as far back as March 30.
On-chain analysis shows that the asset could make a surge
This shows that up until today, Bitcoin has failed to move outside of its trend line as it has been confined in the trade region that it was before the fall. With the market falling way below the market, the digital asset would be hoping that the bulls would work in its favor to stay above its critical support. As it stands now, the traders would be needed to push the coin above the resistance levels.
If this is achieved, the digital asset could see a bullish move which could propel the asset to as high as $70,000. But if the market fails to make a bullish run, it would continue to move in the range-bound movement that it has sustained in the last few days.
While the price of the digital asset is something to note, a Russian group has launched a campaign against various regulatory frameworks that have been pronounced on the crypto market. It is safe to say that most of these regulations have always impacted the digital asset and its movement as regulators continue to find ways to streamline adoption.
Bitcoin continues to decline today
On its daily chart, even though the asset has continued to move in a range in the last few days, it has dropped today to touch $56,152. As it stands now, the digital asset is presently on a falling spree as it has recorded another fall to trade at $56,146, taking its total decline for today to 0.28%.
Before this fall, the digital asset previously was trying to make a retracement as it tested 61.8% of the Fibonacci level. If Bitcoin resumes this retracement, it might be on its way to touch close to the $60,000 resistance. If the bulls power the breakout, the asset could go as high to register a new price of $70,000.