1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop
Cointelegraph Markets Pro and TradingView showed a daily decline of 3.3% for BTC/USD on Thursday, targeting new support levels.
Bitcoin forecasts are very optimistic
After reaching nearly $65,000 on Monday, bitcoin began to consolidate into a new range as the buzz around its successful Nasdaq listing on Coinbase cooled.
At the time of writing, the largest cryptocurrency was trading at $62,600, about $700 above its March high of $61,700.
This area, according to Jeff Ross, CEO of Vailshire Capital Management, should now set the tone for a support-resistance reversal that, if successful, would allow BTC/USD to rise further.
Healthy retest of the previous consolidation wedge ceiling. Macrovide: Wildly bullish. For the analysis of the chain : Wildly optimistic, he tweeted that day.
Opinion: The price should close above the old ceiling of ~$61,250 and then move up. Nice opportunity to buy for the next level up.
Cool seller under $70,000
A look at the order books of the exchanges seemed to confirm that even among eager sellers, there is gusto for bitcoin to grow by thousands of dollars in a short period of time.
On Binance, sell orders were initially placed at $65,000, with a wider band of resistance now at $70,000 and $72,000.
Heatmap of BTC/USD buy and sell orders. Source: Material displays
These higher levels have long been on the radar of analysts, one of whom even thinks they are inevitable in the near term.
Other metrics on the chain showed that investor engagement remains global, with the total number of bitcoin wallet addresses with 0.01 BTC or more exceeding 9 million for the first time.
Bitcoin wallets with 0.01 BTC and above. Source: Glassnode
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