The Bitcoin price remains in a crucial situation in which neither the bulls nor the bears have been able to gain the upper hand so far. While the bears feel comfortable that they can push the price below $25,000 due to a perceived head and shoulders pattern, the bulls are scrambling to invalidate this thesis. Both sides still have a chance to win. While the bulls want to prevent a daily close of Bitcoin above $27,550, the bulls are fighting to do just that. The goal is to break the H&S neckline to confirm the invalidation of the pattern. Why $30,000 Is A Big Challenge For Bitcoin Right Now However, there are some market forces that are making things difficult for both the bulls and the bears. Some of these factors have been compiled by the analyst “MAC_D” for CryptoQuant. According to him, the rise in the Bitcoin price could be limited for the time being because of the decline in US BTC holdings. CryptoQuant’s data shows that US institutional investors’ BTC holdings have steadily ..
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