Despite the recent consolidation, the world’s largest cryptocurrency Bitcoin still looks solid, according to renowned analyst Ali Martinez. According to the analyst, Bitcoin price could see new highs.
- Bitcoin price has been somewhat sluggish in recent weeks, fluctuating between $60,000 and $63,600.
- Trading history shows that support is significantly larger than resistance.
- Such market conditions suggest that a bullish breakout could continue.
Bitcoin price continues to trade in a narrow price pocket with no clear direction, letting some of the so-called “weak hands” out of the market. Still, on-chain data shows that the odds are supporting the bulls. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Bitcoin has unleashed some of the “weak hands”!
Market participants seem to be impatient as the Bitcoin price has been stagnant for the past two weeks. The leading cryptocurrency has been mostly consolidating between $60,000 and $63,600 since Oct. Regardless, its trading history shows that BTC is above stable support and below a thin barrier of resistance.
According to the analyst, based on IntoTheBlock’s IOMAP model, the bears will have a hard time keeping prices down despite continued consolidation. More than 1.67 million addresses previously bought nearly 1 million BTC for between $60,760 and $62,590. Such a significant demand wall could absorb any spikes in downside pressure as investors will do anything to avoid selling. They can even buy more tokens with each drop, which could help push Bitcoin higher.
Now Bitcoin price is looking at these levels!
The IOMAP model also shows that if buy orders pile up, there is nothing to prevent the leading cryptocurrency from re-entering price discovery mode. Based on the recent price action, the only significant area of resistance ahead of Bitcoin seems to be $63,600. While the trading history doesn’t show much supply at this price level, a decisive daily candlestick above it would do nothing but confirm a potential rise to an all-time high.
It’s also worth noting that despite the importance of Bitcoin’s underlying demand wall, investors should be prepared for any FUD (fear, uncertainty and doubt) event that could put a bullish outlook on hold. A significant increase in selling pressure pushing BTC below $60,760 could result in a correction. Under these unique circumstances, Bitcoin price could drop to $56,000.
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