Buying pressure on Bitcoin has been rising. This can affect the king coin’s price positively.
- Bitcoin has been steadily crawling towards $62k again In case of a correction, the cryptocurrency might drop to $54k
Bitcoin has been on the right track lately, with BTC slowly approaching $62k again. In fact, buying pressure on the king coin has been rising too. And, this can assist the coin’s bull rally in the coming days.
Bitcoin moves towards $62k again
Though the king coin’s price volatility has remained low over the last few days, it has been quietly approaching the $62k resistance level. To be precise, Bitcoin’s price appreciated by 1.6% in the last 24 hours and at press time, was trading at $61,992.73.
Meanwhile, Ali, a popular crypto analyst, shared a tweet revealing an interesting development.
According to the same, Bitcoin’s Taker buy/sell ratio climbed on OKX. This pointed to a surge in aggressive buying — A sign of upward momentum ahead! Therefore, AMBCrypto took a deeper look to find out more about market sentiment around BTC and how it might affect the coin’s price in the coming days or weeks.
Is BTC ready for a rally?
AMBCrypto’s analysis of CryptoQuant’s data revealed that BTC’s net deposit on exchanges was low, compared to the last seven-day average. This clearly suggested that buying pressure on the coin has been rising.
Bitcoin’s Korea Premium also revealed that investors in Korea are considering buying the coin. Whenever buying pressure rises, it increases the chances of a price hike.
Source: CryptoQuant
However, not everything was working in the king coin’s favor. For instance, BTC’s Coinbase Premium turned red at press time. Such incidents mean that buying sentiment is relatively weak among U.S investors.
AMBCrypto then took a look at the coin’s daily chart to better understand what to expect.
AMBCrypto found that BTC was about to test its 20-day simple moving average (SMA). A jump above that could push the coin up towards the resistance at $65k.
However, as we reported previously, Bitcoin had strong support near $60,365. A drop below that could be disastrous for investors. This seemed to be the case, as a slip below that level could push the coin down to its support at $54k once again.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2024–2025
On the contrary, if BTC manages to coral towards its resistance and successfully manages to go above that, then it won’t be surprising to see the coin retest its all-time high. In a utopian situation, Bitcoin might as well hit a new ATH in the coming weeks.
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