Bitcoin Building Momentum Above $50,000: Is The Pain Over For BTC Holders?

Bitcoin pushed higher yesterday, rejecting bear pressure, much to the relief of traders. Technically, the downtrend remains. However, this will rapidly change should the coin reverse all losses of September 7. If the leg up above this bear bar is with rising volume, Bitcoin might find the momentum to breach $58,000 and even push above $60,000. As things stand, eyes are on fundamental factors, especially the upcoming United States Federal Reserve monetary decision. It is largely expected that the central bank will ease, a boost for risky assets, including BTC.

At press time, Bitcoin is up 4% in the past day. What’s important to note when writing is that engagement is also decent, at around $33 billion. The average trading volume has been rising, a net positive for optimistic traders.

Traders are increasingly tracking the following trending Bitcoin news:

• Bitcoin might be under pressure, but more BTC are moving out from derivative exchanges like OKX. Outflows from these leverage platforms could support prices in the short- and medium-term.
• Amid this, there appears to be an extended consolidation of leveraged positions, looking at trading data. The accumulation began after prices soared to all-time highs back in March. A drop or expansion of this metric could see the coin reap higher or rapidly dump.

Bitcoin Price Analysis

BTC/USD is pushing back against aggressive sellers.

Even though the downtrend remains, a break above $58,000 and, ideally, $60,000 could form the basis of another leg up to $66,000.

Today, if bulls reverse all of September 7 losses, sellers can consider exiting their shorts.

This will be the case, especially if the expansion has rising volume.

A close above $58,000 will be crucial in setting the ball rolling, targeting $66,000.

If not, and there is a peel back of gains printed over the weekend, Bitcoin can easily sell off rapidly to $49,000 in a bear trend continuation formation.