Bitcoin stabilizes around $58,000; bearish outlook remains intact

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Bitcoin stabilizes around $58,000; bearish outlook remains intact
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Bitcoin (BTC) trades around $58,000 on Monday, down 0.7% on the day and extending the consolidation phase between $57,000 and $62,000 seen in the past ten days.

Bitcoin price trades broadly stable, extending its consolidation between $57,000 and $62,000, and momentum indicators suggest an impending bearish trend. Data Nerd data shows Galaxy Digital withdrew on Monday 400 BTC worth $23.4 million from Binance on Monday. On-chain data shows miners' selling activity is decreasing. Bitcoin trades around $58,000 on Monday, down 0.7% on the day and extending the consolidation phase between $57,000 and $62,000 seen in the past ten days.

Short-term holders buy and sell Bitcoin over a relatively brief period, usually less than one year, with the goal to profit from short-term price fluctuations. These holders typically use trading strategies such as day trading, swing trading, or scalping to leverage market volatility.

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