• Bitcoin [BTC] continues consolidating near $26.6k support, struggling to breach bearish overhead resistance.
• Self-custody for both BTC and ETH has been on the rise, suggesting investors’ interest in an uptrend.
• A daily session close above the bearish stronghold ($28.5k) could set BTC to rally and retest recent highs of $29k or $31k.

Bitcoin Consolidates at Key Support

Bitcoin [BTC] continued consolidating near $26.6k support, with volumes remaining low since late March. While the current level could be an accumulation zone, BTC is yet to register a strong rebound, highlighting the tussle between bulls and bears at $26.6k.

Self Custody On The Rise

A recent report highlighted that self-custody for both BTC and ETH has been on the rise, suggesting investors’ huge bets on a likely uptrend move. But key price resistance levels await, and here is a strong bearish stronghold for BTC bulls to watch out for on the daily chart. Will $26.6k and 100-EMA check further drop?

Bearish Stronghold To Look Out For

The drop from 6 May left behind an FVG (fair value gap) zone between $27,826 – $28,396 (white). Just below the FVG zone lay the 50-EMA of $27.57k (blue line). Above it lays the $28.5k resistance, a key obstacle back in the second half of March; this makes it a strong bearish stronghold that needs to be cleared by bulls in order to gain leverage and dent any prevailing bearish sentiment.

Neutral Futures Market

According to Coinglass data, BTC’s futures open interest rates hovered around $11 billion since the second half of April; this shows a neutral position in the futures market in this period meaning buyers & sellers are not dominating any particular side significantly yet & new entrants can enter without worry of either extreme bias being present already in markets or their positions being dominated by either buyers or sellers already existing in market currently due to lack of significant imbalance between them presently as far as open interest rates are concerned .


A negative price reaction from above mentioned bearish zone & subsequent breach of support at 26600 could further weaken Bitcoin’s market structure while however if bulls manage to clear its hurdle then there is potential for rally up towards 29000$ – 31000$.