Bitcoin (BTC) barely recovered its losses on Thursday as fresh doubts emerged nigh the bull run continuing this calendar month.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

$56,760 "not a convincing bottom"

After sliding v% on Wednesday, BTC/USD saw only a modest rebound to circumvolve $57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed.

Following multiple failed attempts to crack resistance close to all-fourth dimension highs, analysts were becoming wary of a further dip and a temporary halt to farther price gains.

Filbfilb, co-founder of trading suite DecenTrader, described this calendar week's current floor of $56,760 as "not a convincing bottom."

BTC funding rates. Source: Bybt.com

As reported on Wednesday, funding rates among trading platforms phone call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain "way too loftier," he told subscribers of his Telegram trading aqueduct.

Popular Twitter trader Cantering Clark, meanwhile, pointed to Bitcoin's 20-calendar week moving average (MA) — a classic "line in the sand" for price performance — nonetheless lingering at effectually $40,000.

"More fuel for why I think April-May puts a hat on $BTC until later in the year," he commented on a comparative chart.

"Simple as it is, this xx week MA with a ii standard difference ring in a higher place. At some signal, these meet. Either information technology comes to the states or we come to it. Hard to imagine this takes plus much above."

Macro turns favorable for Bitcoin bulls

Despite institutional interest standing in recent weeks, fuelled past major new adoption announcements from banks, signs of a slowdown were besides kickoff to prove on the day.

The Purpose Bitcoin substitution-traded fund saw a slight reduction in its BTC holdings after consistent growth, with its assets under management dipping in tandem from highs of $976 million to $944 1000000.

Fellow institutional portal Grayscale Bitcoin Trust (GBTC) maintained its negative premium, meanwhile, a miracle that has put pay to farther Bitcoin accumulation since February.

GBTC price, holdings and premium chart. Source: Bybt

But not anybody was wholly gloomy. For trader Crypto Ed, the ultimate market place trajectory was clear.

"Not in a rush to get in a position," he told Twitter followers on Thursday.

"54k offset or up from here, both mean we're starting a strong 3rd leg and enough of upside waiting for us. BTC will suspension 60k and finally go much higher."
U.South. dollar currency index (DXY) 1-hour candle chart. Source: Tradingview

Beyond crypto, a buoyant outlook for United States stock markets coupled with a weakening dollar could further serve Bitcoin'southward purpose in the curt term.

"With backlog savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic...U.Southward. economy will probable nail," noted JPMorgan CEO Jamie Dimon in his annual shareholder newsletter earlier this week.