Bitcoin (BTC) is back testing lower levels after failing to conquer $60,000 resistance and indicators suggest the downturn is not over.
BTC/USD bounced off $55,000 overnight on Monday, hours after hitting local highs of nearly $59,000 in bullish early trading.
With sellers still in place closer to all-time highs of $64,500, the largest cryptocurrency has a lot of work to do to exit its current broad trading range.
BTC moves back to exchanges
One metric which may soon be causing problems for bulls is the overall BTC balance on cryptocurrency exchanges.
While seeing a general steep downtrend throughout the past year, local spikes in supply when traders send coins back to their exchange accounts for potential quick sale tends to reflect a more selling-driven mentality entering.