The liquidity of Bitcoin (BTC) is changing, and this could mean a new dip buying opportunity for investors. hodler.
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.”
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.
A heavy divergence between bids and asks is pretty good at indicating bottom and tops tbh pic.twitter.com/dbW90aXNYJ— Coiner-Yadox (@Yodaskk) October 12, 2021
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.
Macro-wise, #BTC is gearing up for the second part of its cycle— Rekt Capital (@rektcapital) October 12, 2021
That said, $BTC is at its final major resistance area before new All Time Highs
In the short-term, this resistance area may matter
But months from now - it won’t #Crypto #Bitcoin
“In the short term, this area of resistance could be important. But in a few months – it won’t be anymore.”