The post Is Bitcoin’s Consolidation at $26K a Calm Before the Bull Run? What to Expect from BTC Price Next appeared first on Coinpedia Fintech News

Amid the bearish sentiment triggered by the SEC, Bitcoin seems to have found peculiar stability at the $26,000 mark, leading many market watchers to question: is this the calm before the bull run? Or could it signal a protracted bear market? The SEC’s legal action against crypto giants Binance and Coinbase has sparked a bearish trend in Bitcoin. Consequently, Bitcoin’s price has remarkably stabilized around $26,000, injecting a dose of uncertainty into its usually volatile market.

Bitcoin Witnesses a High Demand from Investors

For the first time since April 2021, Bitcoin Dominance (BTC.D) soared to 49.2% last week. As investors, wary of the troubled altcoin market, redirect their focus, there has been a noticeable increase in Bitcoin’s demand on cryptocurrency exchanges.

For the first time in two years, Bitcoin Dominance (BTC.D) surged, adding two percentage points since June 5 to nearly touch 49.30%. This metric gauges Bitcoin’s market capitalization as a percentage of the total worldwide crypto market value.

A significant increase in BTC.D suggests a pivot in market preference and capital from altcoins towards Bitcoin, indicating a waning interest in altcoins as Bitcoin continues to capture market attention.

However, there’s a bearish outlook, too, as miners are not profitable after the recent decline. Recent on-chain data suggests that Bitcoin miners have been offloading their holdings at an unprecedented pace, a phenomenon that could negatively impact Bitcoin’s price.

Glassnode, an on-chain analytics provider, reports that miner exchange inflows recently skyrocketed to $70 million. This metric measures the total quantity of Bitcoin that miners transfer to centralized exchange wallets.

This surge aligns with a gradual decline in the cryptocurrency’s value, possibly suggesting that the current market conditions are triggering miners to hastily liquidate their assets. Such behavior could establish a barrier to Bitcoin’s price, hindering its ability to surpass $26K.

Further Consolidation Before a Clear Move

Bitcoin experienced a decline from its EMA20 trend line after facing intense trouble from bears. However, a slight advantage is that the price did not drop below $25,757, suggesting that buyers are attracted to these lower prices.

As of writing, Bitcoin trades at $25,827, increasing over 0.27% in the last 24 hours.

Bulls are predicted to make another effort to push the price beyond $26,173. If this happens, it indicates a decrease in the selling pressure.

The price of BTC could potentially rise to meet the 50-day EMA at $26,429 and later reach the resistance line at $27.4K. It’s expected that the bears will staunchly defend this level.

There’s also a chance that the price may fall from its current position. In such a scenario, the bears will aim to consolidate their dominance by driving the price down to $25,400. It’s likely that buyers will do their utmost to safeguard this level.