Bitcoin's bullish outlook persists despite investor uncertainty and the Federal Reserve's recent rate cut. With strong support at $58,000, traders are eyeing a potential rally towards $70,000, spurred by a trend reversal above $60,000.

Whale accumulation is on the rise, with large investors holding 20.23% of Bitcoin's circulating supply, signaling bullish sentiment. A decrease in BTC supply on exchanges to 1.92 million indicates investor confidence and reduced selling pressure, which could push prices higher.

For Bitcoin to maintain momentum, it needs to hold above $60,000 and break past the $64,000 resistance. However, traders should also be prepared for potential dips below $60,000, with $58,000 as key support to prevent further declines.