Bitcoin at $62K ‘great buy’ before next surge, says fund manager

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Bitcoin (BTC) appeared set to retest earlier all-time highs on Thursday as a fund supervisor referred to as it a “nice alternative to purchase.”

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Cointelegraph Markets Pro and TradingView confirmed a 3.3% each day comedown for BTC/USD taking goal at new assist ranges on Thursday.

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Bitcoin outlook “wildly bullish”

After surging to nearly $65,000 on Monday, Bitcoin started to consolidate in a brand new vary as the excitement round Coinbase’s profitable Nasdaq itemizing cooled.

On the time of writing, the most important cryptocurrency traded at round $62,600, round $700 greater than March’s file of $61,700

This space, Vailshire Capital Administration CEO Jeff Ross believes, ought to now set the scene for a support-resistance flip, which, if profitable, will enable BTC/USD to proceed rising.

“Wholesome retest of earlier consolidation wedge ceiling. Macro view: Wildly bullish. On chain analytics: Wildly bullish,” he wrote on Twitter on the day.

“Opinion: Value ought to shut above previous ‘ceiling’ of ~$61,250, then surge greater. Nice alternative to purchase earlier than subsequent leg greater.”

Sellers cool off underneath $70,000

A have a look at change order books appeared to substantiate urge for food even amongst ardent sellers for permitting Bitcoin just a few thousand {dollars}’ additional progress on quick timeframes. 

On Binance, promote orders had been lined up first at $65,000, with a extra vital band of resistance now in place at $70,000 and $72,000.

BTC/USD purchase and promote order heatmap. Supply: Materials Indicators

These higher ranges have lengthy been the main focus of analysts, with one even describing them as “future” for the quick time period.

Different on-chain metrics confirmed sustained engagement from buyers throughout the board, with the entire variety of Bitcoin pockets addresses containing 0.01 BTC or extra passing 9 million for the primary time. 

Bitcoin wallets with 0.01 BTC or extra. Supply: Glassnode