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.
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