Bitcoin (BTC) liquidity is changing – this may mean that holders get a new opportunity to “buy deflation”.
As noted by chain analyst Material Scientist on October 12, the order book movements are repeating the behavior from August.
Data from the order book increases the number of bulls
Bitcoin’s first “resurgence” month after hitting mid-cycle lows of $29,000, August encouraged bullish expectations for a comeback before the end of September.
October, or “Uptober,” has since returned to the upside, and order book data confirms that.
“60K resistance – first time since August when I requested prices within 20% of the price” – materials researcher commented.
“If we are refused, there will be a good shopping opportunity on the way to ATH.”
Bitcoin supply/demand data compared to BTC/USD chart. Source: Material World / Twitter.
In other words, when BTC/USD approaches $60,000, more sellers demand higher BTC prices – within 20% of the spot price.
As other users added, the discrepancies between buy and sell orders coincided with the highs and lows of local spot prices, fueling optimism about the current price action.
Resistance “doesn’t matter” in a few months
Meanwhile, according to Cointelegraph, analysts differ on when a possible correction could occur and how far it could extend.
On the topic: BTC Price Rise in Five Months to $57,000 – 5 Things to Watch for in BTC This Week
So far, there are only $45,000 left in the game, but despite the general lack of interest in selling, Bitcoin is making investors guess, aiming for an all-time high.
Macro BTC is preparing for the second part of the cycle. However, $BTC is in the last major resistance area before new all-time highs,” said Rekt Capital trader and analyst on October 12.
In the short term, this resistance zone can make a difference. But in a few months that won’t happen. “