Key Points
- Bitcoin is steadily moving towards $62k, with rising buying pressure potentially aiding a bull rally.
- If a correction occurs, the cryptocurrency’s price could potentially drop to $54k.
Bitcoin’s Steady Ascent
Bitcoin (BTC) has been making steady progress lately, gradually approaching the $62k mark again.
The buying pressure on the leading cryptocurrency has been increasing, potentially aiding its bull rally in the near future.
Although Bitcoin’s price volatility has remained low recently, it has been quietly moving towards the $62k resistance level.
Specifically, Bitcoin’s price appreciated by 1.6% in the last 24 hours and was trading at $61,992.73 at the time of writing.
Signs of a Potential Bull Rally
Crypto analyst Ali shared a tweet indicating an interesting development.
According to the tweet, Bitcoin’s Taker buy/sell ratio on OKX has risen, suggesting a surge in aggressive buying and potential upward momentum.
An analysis of CryptoQuant’s data revealed that Bitcoin’s net deposit on exchanges was low compared to the last seven-day average, indicating increased buying pressure.
Furthermore, Bitcoin’s Korea Premium suggested that Korean investors are considering purchasing the cryptocurrency.
Increased buying pressure often leads to a price increase.
However, not everything was in Bitcoin’s favor.
For example, Bitcoin’s Coinbase Premium was negative, indicating a relatively weak buying sentiment among U.S investors.
An examination of Bitcoin’s daily chart revealed that Bitcoin was about to test its 20-day simple moving average (SMA).
A jump above that could propel the cryptocurrency towards the resistance at $65k.
Bitcoin has strong support near $60,365, and a drop below that could be disastrous for investors.
If the coin drops below that level, it could potentially fall to its support at $54k.
On the other hand, if Bitcoin manages to move towards its resistance and successfully surpasses it, it wouldn’t be surprising to see the coin retest its all-time high.
In an ideal scenario, Bitcoin could potentially hit a new all-time high in the coming weeks.
