Bitcoin’s $60,000 resistance suggests “buy on dips” before all-time highs-Analyst

Bitcoin (Bitcoin) Liquidity is changing-this may mean that holders will get new “bargain hunting” opportunities.

As famous Published by on-chain analyst Material Scientist on October 12, the order changes are now repeating the behavior since August.

Order data drives a bull market

In August, what was the initial month of “revival” after Bitcoin hit the cycle low of $29,000? Encourage The bullish outlook will return before the sideways September.

October, or “Uptober“Since then, sentiment has returned to bullishness, and the order data proves this.

“60k resistance-the first asking price since August> bid within 20% of the price,” the materials scientist commented.

“If we are rejected, it will provide a good bargain-hunting opportunity on the road to ATH.”

Bitcoin buy/sell data and BTC/USD chart.Source: Materials Scientist/Twitter

In other words, as BTC/USD approaches 60,000 USD, more and more sellers are demanding higher BTC prices—within 20% of the spot price.

As another user Add to, The divergence between buying and selling orders coincides with the top and bottom of the local spot price, further increasing the optimism about the current price trend.

Resistance after a few months is “insignificant”

As Cointelegraph ReportAt the same time, analysts are divided on when the potential correction may occur and how long it may last.

related: The price of BTC reached a five-month high of $57,000-5 things worth paying attention to in BTC this week

Prices as low as $45,000 are still in play, but due to the lack of overall selling interest, Bitcoin is constantly moving towards historical highs, which has kept investors guessing.

“From a macro perspective, BTC is preparing for the second part of its cycle. That is, BTC is in the last major resistance area before a new all-time high,” trader and analyst Rekt Capital rational Tuesday.

“In the short term, this resistance zone may be important. But in a few months – it won’t.”

BTC/USD buy/sell level (Binance) as of October 12. Source: Material Indicators