Bitcoin $60k resistance, the last opportunity to take advantage of lower prices

Bitcoin has major resistance at $60,000. Currently, at 55.9k USD, Bitcoin fell by nearly 2% today. For the month of October, the prices of Bitcoin rose exponentially. The month started with a price of $43k, and from there, the bulls took over. 

While altcoins continue to bleed, we can also witness meme coins like Shiba Inu take over a bullish appearance. Currently, a prominent analyst claims that we have the opportunity to “buy the dip” before newer all-time highs set over.

As seen in the above Tweet, we can see that the analyst, Material Scientist, claims that since Bitcoin is rejected at the $57k price level, investors now have another opportunity to enter the crypto market. 

Bitcoin orderbook movements represent August emotions 

The orderbook movements show that the investor emotions suggest a similar pattern to that of August. Back in the month of August, BTC surged from low prices at $29k to higher prices at $52k. 

However, an upward trend was rejected due to the news of China’s crypto crackdown. Material Scientist wrote in his Tweet that according to the orderbook, “Resistance at 60k – First time since August that asks>bids within 20% of price.”

Uptober in motion, last buying opportunities

Once Bitcoin breaks the resistance at the $60k price level, we can surely expect new all-time highs for the coin. This is because as Bitcoin nears the 50k USD price level, there is a surge in demand for BTC’s higher prices, within 20% of the spot price. 

Popular crypto investor and analyst Rekt Capital commented on Twitter, 

“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.” 

Major analysts confirm that although the current price resistance at $60k might seem a huge deal in the short term, people would’ve hoped that they would’ve bought Bitcoin at current prices in a few months.