Bitcoin (BTC) looked set to retest previous all-time highs on Thursday as a fund manager called it a “great opportunity to buy.”
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Cointelegraph Markets Pro and TradingView showed a 3.3% daily comedown for BTC/USD taking aim at new support levels on Thursday.
Bitcoin outlook “wildly bullish”
After surging to nearly $65,000 on Monday, Bitcoin began to consolidate in a new range as the buzz around Coinbase’s successful Nasdaq listing cooled.
At the time of writing, the largest cryptocurrency traded at around $62,600, around $700 higher than March’s record of $61,700.
This area, Vailshire Capital Management CEO Jeff Ross believes, should now set the scene for a support-resistance flip, which, if successful, will allow BTC/USD to continue rising.
“Healthy retest of previous consolidation wedge ceiling. Macro view: Wildly bullish. On-chain analytics: Wildly bullish,” he wrote on Twitter on the day.
“Opinion: Price should close above old ‘ceiling’ of ~$61,250, then surge higher. Great opportunity to buy before next leg higher.”
Sellers cool off under $70,000
A look at exchange order books appeared to confirm appetite even among ardent sellers for allowing Bitcoin a few thousand dollars’ further growth on short timeframes.
On Binance, sell orders were lined up first at $65,000, with a more significant band of resistance now in place at $70,000 and $72,000.
BTC/USD buy and sell order heatmap. Source: Material Indicators
Those upper levels have long been the focus of analysts, with one even describing them as “destiny” for the short term.
Other on-chain metrics showed sustained engagement from investors across the board, with the total number of Bitcoin wallet addresses containing 0.01 BTC or more passing 9 million for the first time.
Bitcoin wallets with 0.01 BTC or more. Source: Glassnode
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.