Bitcoin has been on a good track lately, with BTC slowly approaching $62,000. In fact, buying pressure on the king coin is also increasing. This could support the coin's price increase in the coming days.
Bitcoin Heads Towards $62,000 Again
While Bitcoin’s price action has been stable over the past few days, it has been quietly approaching the $62,000 resistance level. Specifically, Bitcoin’s price has increased by 1.6% over the past 24 hours and is trading at $61,992.73 at the time of writing.
Meanwhile, Ali, a popular cryptocurrency analyst, shared a tweet revealing an interesting development.
Accordingly, Bitcoin’s Taker/Buy ratio has increased on OKX. This indicates an increase in strong buying – a sign of bullish momentum ahead! Therefore, TinTucBitcoin has delved deeper into the market sentiment around BTC and how it could affect the price of this Coin in the coming days or weeks.
Is BTC Ready for a Bull Run?
TinTucBitcoin analyzed data from CryptoQuant data shows that net deposits of BTC to exchanges are lower than the average of the previous seven days. This clearly shows that buying pressure on the coin has increased.
Bitcoin's Korea Premium also shows that investors in South Korea are considering buying the coin. Whenever buying pressure increases, the possibility of a price increase also increases.
However, not everything is going well for the King Coin. For example, BTC's Coinbase Premium was in the red at the time of writing. Such situations indicate that buying sentiment is weaker in the US market.
TinTucBitcoin took a look at the Coin's daily chart to get a better idea of what could happen.
Bitcoin News sees BTC about to test the 20-day simple moving average (SMA). A jump above it could push the coin towards resistance at $65,000.
However, as reported earlier, Bitcoin has strong support near $60,365. A drop below that level could cause serious harm to investors. This seems likely, as a drop below that level could push the coin back down to the $54,000 support level.
Conversely, if BTC can move up to the resistance level and succeed in breaking through, it would not be surprising if the coin retests its all-time high. In an ideal scenario, Bitcoin could also reach a new high in the coming weeks.
