Will we see a final Bitcoin dip before new all-time highs?

The liquidity of Bitcoin (BTC) is changing, and this could mean a new dip buying opportunity for investors. hodler.

Come

dall’analista on-chain Material Scientist October 12, the order books are retracing the movements of August.

Order book data reinforces the bullish outlook

Following the mid-cycle lows around $ 29,000, the month of August certainly encouraged bullish views, and then developed into a September characterized but sideways moves.

October, or “Uptober“as it is called by some traders, it has since reported bullish sentiment: the order book data proves it.

Resistance at $ 60,000. First time since August that demand is greater than supply within 20% of the price“, comments Material Scientist.

“If we were rejected, it would present an excellent buying opportunity on the way to an all-time high.”

Bitcoin bid / ask data versus the BTC / USD chart. Source: Material Scientist / Twitter

In other words, given the upside on BTC / USD towards $ 60,000, more sellers are asking for higher prices for BTC, around 20% of the spot price.

Like other users have

, the divergences between bid and ask orders coincided with the highs and lows of local spot prices, adding further optimism on the current price action.

In a few months, the resistance “will have no relevance”

As Cointelegraph reported, meanwhile, analysts are divided on when a potential correction could happen and how low it could extend.

Related: BTC Price Returns to $ 57,000 After Five Months: 5 Things to Watch in Bitcoin This Week

With the review of the low of $ 45,000 not yet to be ruled out – despite a lack of general interest in selling – Bitcoin is keeping investors hesitant as it prepares to tackle the all-time high.

BTC is preparing for the second part of its cycle. That said, $ BTC is at its last major resistance zone before new all-time highs“,

the trader and analyst Rekt Capital on 12 October.

“In the short term, this area of ​​resistance could be important. But in a few months – it won’t be anymore.”

BTC / USD (Binance) Buy / Sell Levels as of 12 October. Source: Material Indicators

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