Bitcoin re-tested resistance on its way up to $60,000 and was pushed back to support.
Anonymous trader IncomeSharks has set support at $53,000 with $59,000 as an initial price target which BTC managed to reach.
Analyst Willy Woo shares the same thesis and predicts a migration of capital from altcoins into BTC soon.
Many investors wonder if BTC has reached a local top, as it did in January 2018 when a 3-year bear market began.
As seen above, in 2017 BTC had a parabolic run, and the number of coins held by short-term investors grew.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.