U.Today – has already surpassed the $60,000 mark and briefly touched $62,600 after increasing by 25% in just over three days. That increase in value was surprising, especially in light of how poorly Bitcoin has been doing lately. Analysis of available data shows that market dynamics are improving.
The order book heatmap shows significant liquidity near $62,000, indicating strong buying and selling interest at the moment. Because of this, there could be some opposition to Bitcoin's continued growth. The $57,000 level, which is accompanied by a significant level of liquidity, can serve as a crucial support level if Bitcoin prices fall in the coming weeks.
There has been a lot of talk about Bitcoin prices between $40,000 and $45,000, according to recent social volume data from Santiment. Still, the conversation is now focused on possible prices in the $70,000 to $75,000 range. Because the market could respond negatively to an increase in social volume, be careful and refrain from abusing leverage tools.
The Bitcoin market appears to be approaching a turning point overall, despite the excitement surrounding the recent price surge. Rising social volume in the important liquidity zone may foreshadow future gains.
However, any plans investors may have could be thwarted by the recent surge in market volatility. While Bitcoin has been performing well, it is still important to avoid making risky trades. While not as large as the sell-off we saw a few days ago, there is certainly renewed interest in the market once again.
This article was originally published on U.Today
