Market Analysis
Bitcoin at $62K ‘great buy’ before next surge, says fund manager
Bitcoin (BTC) regarded set to retest earlier all-time highs on Thursday as a fund manager known as it a “great opportunity to buy.”
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
Cointelegraph Markets Professional and TradingView confirmed a 3.3% day by day comedown for BTC/USD taking intention at new assist ranges on Thursday.
Bitcoin outlook “wildly bullish”
After surging to practically $65,000 on Monday, Bitcoin started to consolidate in a brand new vary as the thrill round Coinbase’s profitable Nasdaq itemizing cooled.
On the time of writing, the most important cryptocurrency traded at round $62,600, round $700 greater than March’s report of $61,700
This space, Vailshire Capital Administration CEO Jeff Ross believes, ought to now set the scene for a support-resistance flip, which, if profitable, will permit BTC/USD to proceed rising.
“Healthy retest of previous consolidation wedge ceiling. Macro view: Wildly bullish. On chain analytics: Wildly bullish,” he wrote on Twitter on the day.
“Opinion: Price should close above old ‘ceiling’ of ~$61,250, then surge higher. Great opportunity to buy before next leg higher.”
Sellers cool off below $70,000
A glance at change order books appeared to verify urge for food even amongst ardent sellers for permitting Bitcoin just a few thousand {dollars}’ additional development on brief timeframes.
On Binance, promote orders have been lined up first at $65,000, with a extra vital band of resistance now in place at $70,000 and $72,000.
BTC/USD purchase and promote order heatmap. Supply: Materials Indicators
These higher ranges have lengthy been the main target of analysts, with one even describing them as “destiny” for the brief time period.
Different on-chain metrics confirmed sustained engagement from buyers throughout the board, with the overall variety of Bitcoin pockets addresses containing 0.01 BTC or extra passing 9 million for the primary time.
Bitcoin wallets with 0.01 BTC or extra. Supply: Glassnode
