Bitcoin (BTC) bulls are notwithstanding hoping for a major breakout but at the moment, bears are applying pressure and keeping the digital asset pinned below $61,000.

Data from Cointelegraph Markets Pro and TradingView shows that an early morning breakout by bulls to make a run above $62,000 was met with a stiff defensive line from the bears who handily rejected the attempt.

BTC/USDT 4-hour nautical chart. Source: TradingView

Hither'southward a wait at what traders and analysts are saying about Bitcoin's current price action and what they expect in the short term.

"Bitcoin is still on the path to $xc,000"

While some traders may accept found themselves bored with Bitcoin'south sideways price action, contained market analyst 'Rekt Majuscule' recently posted the following chart highlighting the fact that BTC has flipped a major resistance level into back up.

BTC/USD one-week nautical chart. Source: Twitter

Rekt Capital said,

"Though BTC has been moving sideways for weeks now… It has continued to successfully retest a major area of previous resistance (ruby-red) equally new support (green)"

As for what comes next for the BTC should information technology manage to hold back up here and head higher, annotator and Cointelegraph correspondent Michaël Van De Poppe posted the following nautical chart outlining one potential path the price could follow as it closes out 2022.

BTC/USDT ane-solar day chart. Source: Twitter

van de Poppe said,

"Bitcoin is nonetheless on the path to $90K."

A simple target at $fourscore,000

A more uncomplicated and straightforward price projection was provided by Twitter user 'GalaxyBTC,' who expects a breakout target of $80,000.

BTC/USDT 4-60 minutes nautical chart. Source: Twitter

The analyst said,

"Trying to proceed things as uncomplicated equally possible. $60,000 is the new $xl,000. $80,000 is next."

Related: Bitcoin whale selling jumps while BTC price holds $60K and buyers snap upwardly supply

Whale wallets dominate substitution deposits

According to CryptoQuant CEO Ki Immature Ju, whale wallet activity is still having a significant touch on Bitcoin toll.

As highlighted to a higher place, the majority of Bitcoin exchange deposits are existence conducted by whale wallets, simply substitution reserves continue to decrease, which is a bullish sign for BTC because the reduced supply available for buy tends to lead to price increases when demand spikes.

The overall cryptocurrency marketplace cap now stands at $ii.712 trillion and Bitcoin's dominance charge per unit is 42.6%.

The views and opinions expressed here are solely those of the author and exercise not necessarily reflect the views of Cointelegraph.com. Every investment and trading motility involves risk, you should conduct your own inquiry when making a decision.