Bitcoins $60k Resistance Hints For Buy Down Chance Ahead of All Time High
Bitcoin’s liquidity (BTC) is changing – and that could mean sellers are getting new “discount” opportunities.
As Note by the analyst Material Scientist on October 12th, the order movements now repeated the behavior of August.
Order book data strengthens the bull case
What was Bitcoin’s first “renaissance” month after hitting a mid-cycle low of $ 29,000, August fueled a return in bullish sentiment before a sideways September set in.
October, also known as “Uptober”, has meanwhile lifted sentiment again, and the order book data bear this out.
“The resistance is 60k – for the first time since August there is a request> bid in the range of 20% of the price,” commented Materials Scientist.
“If we were rejected, it would be a good buying opportunity on the way to ATH.”
In other words, as BTC / USD approaches USD 60,000, many sellers are demanding a higher BTC price – within 20% of the spot price.
As other users Add, the divergence between bids and bids coincides with the high and low values of the local spot prices, which reinforces the optimism with regard to the current price development.
Resistance will “don’t matter” in a few months
As reported by Cointelegraph, analysts meanwhile announce when a possible correction could occur and how long it could take.
Related: BTC Price Hits 5 Month High Of $ 57,000 – 5 Things To Watch Out For In BTC This Week
With only $ 45,000 left in the game, but given the general lack of selling interest, Bitcoin leaves investors guessing as it approaches all-time highs.
“On the macro side, BTC is preparing for the second part of the cycle. However, $ BTC is in its last major resistance area before hitting a new all-time high, ”said the trader and analyst Rekt Capital argumentation Tuesday.
“In the short term, this area of resistance could become problematic. But in a few months – it won’t. “