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Data show that bid and ask levels are shifting bullish as BTC/USD approaches $60,000 level.
The liquidity of Bitcoin (BTC) is changing, which could mean that hodlers will have a new “buy the dip” opportunity.
As noted by on-chain analyst Material Scientist on Oct. 12, orderbook movements are now repeating behavior from August.
Orderbook data boosts bull case
After hitting mid-cycle lows of $29,000 in August, Bitcoin experienced its first “renaissance” month, encouraging bullish perspectives to return before a sideways September set in.
October, or “Uptober,” has since returned the mood to bullish, as evidenced by orderbook data.
“Resistance at 60k – First time since August that asks>bids within 20% of price,” Material Scientist commented.
“If we get rejected it would provide a nice dip-buying opportunity on the path to ATH.”
In other words, as BTC/USD has neared $60,000, more sellers are demanding higher prices for BTC — within 20% of spot price.
As other users added, divergences between bid and ask orders have coincided with local spot price tops and bottoms, further adding to the optimism over current price action.
Resistance “won’t matter” months from now
Meanwhile, as previously reported, analysts are divided on when a potential correction might occur and how far it might extend.
With as low as $45,000 still in play, Bitcoin is keeping investors guessing as it grinds towards all-time highs despite a lack of overall selling interest.
“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,” trader and analyst Rekt Capital reasoned Tuesday.
“In the short-term, this resistance area may matter. But months from now – it won’t.”