Bid and ask levels are flipping bullish as BTC/USD heads towards $60,000, data shows.
Bitcoin (BTC) liquidity is changing — and it could mean that hodlers will get a fresh “buy the dip” opportunity.
As noted by on-chain analyst Material Scientist on Oct. 12, order book movements are now repeating behavior from August.
In other words, as BTC/USD has neared $60,000, more sellers are demanding higher prices for BTC — within 20% of spot price.
Resistance “won’t matter” months from now
As Cointelegraph reported, meanwhile, analysts are split over when a potential correction could happen and how far it could extend.
With as low as $45,000 still in play, yet against a lack of overall selling interest, Bitcoin is keeping investors guessing as it grinds towards all-time highs.
“Macro-wise, BTC is gearing up for the second part of its cycle. That said, $BTC is at its final major resistance area before new All-Time Highs,” trader and analyst Rekt Capital reasoned on Oct. 12.
“In the short-term, this resistance area may matter. But months from now — it won’t.”