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According to Vailshire Capital, the consolidation following new all-time highs means that now is the time to purchase BTC in “wildly bullish” conditions.
On Thursday, Bitcoin (BTC) appeared poised to retest previous all-time highs, with a fund manager describing it as a “great opportunity to buy.”
Bitcoin outlook “wildly bullish”
After soaring to nearly $65,000 on Monday, Bitcoin started to stabilise in a new range as the excitement around Coinbase’s successful Nasdaq listing died down.
At the time of publication, the biggest cryptocurrency was trading about $62,600, around $700 more than the previous month’s record of $61,700.
This region, according to Vailshire Capital Management CEO Jeff Ross, should now set the stage for a support-resistance flip, which, if successful, would cause BTC/USD to rise further.
“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 tended to affirm desire, even among avid buyers, for allowing Bitcoin to gain a few thousand dollars on short timeframes.
On Binance, sale orders were first lined up at $65,000, with a larger band of resistance currently in place at $70,000 and $72,000.
Analysts have long focused on the upper stages, with one even identifying them as “destiny” in the short term.
Other on-chain measurements revealed sustained investor interest across the board, with the overall number of Bitcoin wallet addresses holding 0.01 BTC or more surpassing 9 million for the first time.