There is no denying the fact that the Altcoins present in the market, are outperforming Bitcoin bulls, and on-chain indicators are not as green as they have always been. Bitcoin (BTC) is backtesting the reduced levels after it failed to surpass the resistance level of the cryptocurrency at $60K and is expected to go down further. Bitcoin on Shaky Grounds, Fails to Surpass Resistance The price of the cryptocurrency jumped off $55K on Monday just hours after hitting its significant-high of around $59K in the bullish trading session. Bitcoin has got a lot of work to do to make an exit from its current broad trading range with sellers still in a place closer to the all-time highs of $64.5K. In addition to this, another metric that will soon be a cause of problems for the bulls is the overall balance of Bitcoin (BTC) on the cryptocurrency exchanges. While witnessing a general steep downfall throughout the year, local rise in supply, when the traders send the coins back to their respective exchange accounts for potential sale, tend to reflect a more mentally entering driven by selling. However, this is not the case for each and every exchange this week and in accordance with the data released by a monitoring resource, 16,222 BTC has managed to enter the global leader Binance in the last seven days. BTC Support Levels to Observe The technical indicators do not appear to be very promising as the 20-day MA crossed beneath the 50-day MA toward the ending of the month of April for the very first time since October 2020. Well, this movement could be considered as the very first signal that the long-term bullish momentum is beginning to reverse. In addition to this, the RSI has now made a return back to the midline as the market managed to reach a point of indecision.
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