The BTC Price is Hovering Around $56,000

"Bitcoin has seen slight changes over the past day and is currently trading at around $54,000. Even though the leading crypto has been able to recover after falling to $53,000, the growth momentum has only been able to push the cryptocurrency up to $56,000, a level at which selling pressure has increased again.

The currency has been unable to find the strength it needs to continue to grow due to several factors, being the most important one the news of Bitcoin positions being closed by nearly 240,000 traders. In addition, more and more information is emerging about the exhaustion of the whales' bullish momentum, many of which, at the very least, have gone into a wait-and-see mode.

Thus, the active part of the asset accumulation could come to an end. Investors who bought the asset at significantly lower price levels have either withdrawn their profits or bought more Bitcoins as part of a long-term strategy that allows for significant corrections and an extended holding period.

Retail investors with a penchant for investing in cryptocurrencies have also done so and are either waiting for the crypto price to rise or have withdrawn their profits. At the moment, this situation could be very dangerous, as a critical mass of investors has built up in the market who are waiting quite tensely for a trigger to make new decisions.

The nature of BTC is such that its market needs constant news about new investors willing to buy to stimulate others, at least not to sell."