According to the analyst, the $60,000 Bitcoin resistance signals a ‘buy the bottom opportunity’ before the all-time highs. The data shows that the offer and demand levels are on the rise as BTC/USD moves towards $60,000. Detail cryptocoin.com‘in.
Deals in Bitcoin (BTC)
Bitcoin (BTC) liquidity is changing – and this could mean that buyers will get a new opportunity to “buy the bottom”. As noted by on-chain analyst Material Scientist on Oct. 12, order book transactions now repeat behavior from August. Order book data boosts bullish status. August, Bitcoin’s first “renaissance” month after hitting mid-cycle lows of $29,000, spurred bullish perspectives to turn around before entering a sideways September. October or “Uptober” has since been on the rise again, and the order book data proves it. Material Scientist said, “At 60K, resistance is asking for bids within 20% of price for the first time since August. If we are rejected, it provides a nice bottom buying opportunity on the way to ATH.”
In other words, as BTC/USD approaches $60,000, more sellers are charging higher prices for BTC within 20% of the spot price. As other users have added, the divergence between buy and sell orders coincided with local spot price peaks and troughs, further adding to the optimism over the current price action.
Resistance ‘will not matter’ months later
Meanwhile, analysts are split on when a potential correction could occur and how far it could expand. Still down as low as $45,000, but against the general lack of selling interest, Bitcoin (BTC) continues to keep investors guessing as it heads towards all-time highs. Trader and analyst Rekt Capital said on Oct. 12: “Bitcoin (BTC) from a macro perspective is preparing for the second part of its cycle. However, BTC is in the last major area of resistance before new All-Time Highs.” The analyst continued: “In the short term, this area of resistance could be significant. But months from now – it won’t be.”
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.