TechFlow reports that crypto analyst Willy Woo pointed out on Twitter that $58,900 is a strong support level, and a break below it could trigger a bear market.
The CVD sell pressure has peaked, indicating the market is entering an "upward" phase. However, it may take several weeks before conditions become suitable for a proper bull market. Additionally, the upcoming halving event could bring further volatility.
He also noted that Bitcoin's prolonged consolidation near its all-time high helps solidify long-term support, signaling healthy development for Bitcoin as a trillion-dollar asset class.
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