- Bitcoin is steadily creeping towards $62,000 again
- In the event of a correction, the cryptocurrency could drop to $54k
Bitcoin has been on the right track lately, with BTC slowly approaching $62,000 again. In fact, the buying pressure on the king coin has also increased. And this could support the currency’s bull rally in the coming days.
Bitcoin is moving towards $62k again
Although King Coin price volatility has remained low in recent days, it is quietly approaching the $62k resistance level. To be precise, the price of Bitcoin has risen 1.6% in the past 24 hours and stood at $61,992.73 at the time of writing.
Meanwhile, Ali, a popular crypto analyst, shared one tweet shows an interesting development.
According to the same, Bitcoin’s Taker buy/sell ratio increased on OKX. This indicated a wave of aggressive buying – a sign of upward momentum! That’s why AMBCrypto took a deeper look to learn more about the market sentiment surrounding BTC and how it could impact the coin’s price in the coming days or weeks.
Is BTC Ready for a Rally?
AMBCrypto’s analysis of CryptoQuant facts revealed that the net deposits of BTC on the exchanges were low, compared to the average of the past seven days. This clearly suggested that buying pressure on the currency has increased.
Bitcoin’s Korea Premium also revealed that investors in Korea are considering buying the coin. When purchasing pressure increases, this increases the chance of a price increase.
Source: CryptoQuant
However, not everything worked in favor of the king’s coin. For example, BTC’s Coinbase Premium turned red at press time. Such incidents mean that buying sentiment among American investors is relatively weak.
AMBCrypto then looked at the coin’s daily chart to better understand what to expect.
AMBCrypto discovered that BTC was about to test its 20-day simple moving average (SMA). A bounce above could push the coin towards the $65k resistance.
However, like us reported earlierBitcoin had strong support near $60,365. A drop below that could be disastrous for investors. This appeared to be the case as a slip below that level could push the coin back towards its support at $54,000.
Source: TradingView
Read Bitcoins [BTC] Price prediction 2024–2025
On the contrary, if BTC manages to reach its resistance and successfully goes above it, then it will not be surprising to see the coin reach its all-time high again. In a utopian situation, Bitcoin might as well reach a new ATH in the coming weeks.