Bitcoin’s recent performance has been impressive, as the price of BTC is slowly inching closer to the $62k mark once again. The increasing buying pressure on the dominant cryptocurrency might fuel its bullish momentum in the days ahead.
Bitcoin’s Approach to $62k Once More
Despite the sustained stability in Bitcoin’s price volatility in recent days, it has been making steady progress towards breaking the $62k resistance level. Specifically, Bitcoin’s value saw a 1.6% rise in the past 24 hours, reaching $61,992.73 at the time of writing.
Notably, a well-known crypto analyst, Ali, highlighted an intriguing development via a tweet. The data pointed to a rise in aggressive buying activity reflected in Bitcoin’s Taker buy/sell ratio on OKX. This uptrend suggests a potential bullish momentum on the horizon. Consequently, CryptoCrypto conducted a detailed analysis to gauge the market sentiment surrounding BTC and its potential impact on price fluctuations in the near future.
Is Bitcoin Poised for a Rally?
Reflecting on CryptoCrypto’s investigation of CryptoQuant’s data, it was evident that BTC’s net deposits on exchanges remained below the seven-day average, indicating a surge in buying pressure. Additionally, the Korea Premium for Bitcoin hinted at a growing interest from Korean investors in purchasing the cryptocurrency. Elevated buying pressure typically enhances the likelihood of a price upsurge.
Nonetheless, the situation was not entirely favorable for Bitcoin, as indicated by the red Coinbase Premium at the time. Such occurrences signify a lack of strong buying sentiment among U.S. investors.
Further examination of the coin’s daily chart by CryptoCrypto unveiled key insights. Bitcoin was on the cusp of testing its 20-day simple moving average (SMA), breaking above which could propel the price towards the $65k resistance level. However, the crucial support near $60,365 emerged as a vital level for investors, with a breach below posing the risk of a downward spiral towards the $54k support.
Conversely, if Bitcoin manages to surge past the resistance level successfully, it might not be surprising to witness a retesting of its all-time high and potentially even setting a new ATH in the following weeks.