Bitcoin Moves Towards $62K Again, But Is It Ready for a Rally?

Bitcoin has been on the right track lately, with BTC slowly approaching $62k again. In fact, buying pressure on the king coin has been rising too.

output: Bitcoin price continues to inch closer to the $62k mark. A closer look at on-chain metrics reveals that buying pressure on BTC is rising.

The king coin has been slowly approaching the $62k resistance level. To be precise, BTC’s price appreciated by 1.6% in the last 24 hours and at press time, was trading at $61,992.73.

A crypto analyst, Ali, recently shared an interesting observation on Twitter.

As per Ali’s tweet, the Taker buy/sell ratio climbed on OKX, indicating a surge in aggressive buying. This could signal an impending upward momentum.

To gain a deeper understanding of this development, AMBCrypto analyzed CryptoQuant’s data and found that BTC’s net deposit on exchanges was低い, compared to the last seven days. This indicated an increase in buying pressure on the coin.

Bitcoin’s Korea Premium also suggested that investors in Korea were considering buying the coin. Usually, when buying pressure rises, it increases the chances of a price hike.

However, not all on-chain metrics were in the king coin’s favor at press time. For instance, BTC’s Coinbase Premium turned red, indicating that buying sentiment was relatively weak among U.S investors.

A closer look at BTC’s price chart revealed that the coin was about to test its 20-day simple moving average (SMA). A jump above that could push BTC up towards the resistance at $65k.

However, as we reported previously, Bitcoin had strong support near $60,365. A drop below that could be disastrous for investors. This seemed to be the case, as a slip below that level could push the coin down to its support at $54k once again.

On the contrary, if BTC manages to coral towards its resistance and successfully manages to go above that, then it won’t be surprising to see the coin retest its all-time high. In a utopian situation, Bitcoin might as well hit a new ATH in the coming weeks.