Bitcoin Buying Frenzy Fuels Jump Above $70,000
Bitcoin appreciated once more beyond the familiar $70,000 mark, with its 30% growth in the month being fueled by increased buying activity not only from small-time investors & traders, but from whales too.
Bitcoin held in addresses holding more than 10 BTC climbed to above 3.2 million BTC, approaching an all-time high. And so, the question which matters the most: When to buy Bitcoin?
BTCUSD - 1 Day Time Frame
At present, the technical readings reveal that Bitcoin's price has established two downward Buy-side Imbalance and Sell-side Inefficiency (BISI) zones. These zones represent attractive opportunities for placing buy orders.
It's essential, however, to acknowledge that trades executed within these zones would occur at relatively high prices, necessitating the use of smaller trade volumes than usual.
Should the price fail to adhere to these zones, a corrective phase could ensue. Initially, the price would aim for the two primary Sell-side Liquidity levels, with the lower level aligning with the BISI zone.
Observing the price's response after this potential decline is crucial. A shift towards bullish indicators would signal an opportune moment to re-enter with buy positions.
While bullish Bitcoin is enjoying robust upward momentum, market participants must recognize the inherent uncertainty within the market, as the scenarios outlined involve certain risks.
Should the price disregard any of the mentioned parameters, a significant downturn could follow, especially with the occurrence of Bitcoin halving.
This scenario may lead influential market participants to postpone their buying activities, opting to trade after the halving event to capitalize on lower prices.
Therefore, despite the appeal of current price levels, some investors & traders may currently choose to wait to avail better purchasing opportunities.
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