Key Points
- Bitcoin’s price has stabilized above the $60,970-support level, indicating a strengthening market.
- Analyst Zen predicts a potential dip to $60,150 or $53,000, based on liquidity pool observations and inflow data.
Bitcoin’s price has seen an appreciation of 1.34% in the last 24 hours, trading at $61,571. This latest rise in price points towards a strengthening market, with the cryptocurrency’s market cap reaching $1.214 trillion and a daily trading volume of $22.06 billion.
The cryptocurrency’s ongoing price movement has revealed its immediate support at $60,970 and resistance levels at $62,000 and $62,250. The recent hike above $61,500 indicates that the breach of the support level is now behind Zen’s forecast. It suggests that the price may be stabilizing above the crucial range of $60,622 – $59,600.
Zen’s Predictions
Zen’s previous analysis aligns with this stabilization, suggesting a potential bounce from the range bottom if the price holds above these levels. Zen also predicted a potential dip to $60,150, citing cleared liquidity under $60,630 and a lack of volume in night trading. He also pointed out the day chart’s downtrend and the month chart’s uptrend, suggesting a mixed, but potentially bullish outlook in the medium term.
Zen also highlighted the possibility of Bitcoin dipping to $53,000, which aligns with the monthly timeframe. However, this remains a very speculative possibility as it would require Bitcoin to fall by over 10% on the charts.
Analyzing Inflows Data
Inflows have fluctuated significantly, with notable spikes in late April and early June. These spikes often coincide with price changes, indicating that large volumes of Bitcoin moving into exchanges can precede price volatility. From 8 April to 22 April, both inflow volumes and transaction counts were high, aligning with a price drop from $71,078 to $58,282.
In late April and early May, spikes in inflow volumes and transaction counts corresponded with price peaks around $64,680 and $67,879, respectively. Early June saw multiple peaks in these metrics, with the price trending around $61,481, close to the current level on the charts. These are all levels and metrics worth considering for a glimpse into the cryptocurrency’s future price action.