Rally

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is steadily moving towards $62k, with rising buying pressure potentially aiding a bull rally.</li> 
 <li>If a correction occurs, the cryptocurrency’s price could potentially drop to $54k.</li> 
</ul>  
<h2 id="bitcoin-s-steady-ascent">Bitcoin’s Steady Ascent</h2> 
<p>Bitcoin (BTC) has been making steady progress lately, gradually approaching the $62k mark again.<br> The buying pressure on the leading cryptocurrency has been increasing, potentially aiding its bull rally in the near future.</p> 
<p>Although Bitcoin’s price volatility has remained low recently, it has been quietly moving towards the $62k resistance level.<br> Specifically, Bitcoin’s price appreciated by 1.6% in the last 24 hours and was trading at $61,992.73 at the time of writing.</p> 
<h2 id="signs-of-a-potential-bull-rally">Signs of a Potential Bull Rally</h2> 
<p>Crypto analyst Ali shared a tweet indicating an interesting development.<br> According to the tweet, Bitcoin’s Taker buy/sell ratio on OKX has risen, suggesting a surge in aggressive buying and potential upward momentum.</p> 
<p>An analysis of CryptoQuant’s data revealed that Bitcoin’s net deposit on exchanges was low compared to the last seven-day average, indicating increased buying pressure.<br> Furthermore, Bitcoin’s Korea Premium suggested that Korean investors are considering purchasing the cryptocurrency.<br> Increased buying pressure often leads to a price increase.</p> 
<p>However, not everything was in Bitcoin’s favor.<br> For example, Bitcoin’s Coinbase Premium was negative, indicating a relatively weak buying sentiment among U.S investors.</p> 
<p>An examination of Bitcoin’s daily chart revealed that Bitcoin was about to test its 20-day simple moving average (SMA).<br> A jump above that could propel the cryptocurrency towards the resistance at $65k.</p> 
<p>Bitcoin has strong support near $60,365, and a drop below that could be disastrous for investors.<br> If the coin drops below that level, it could potentially fall to its support at $54k.</p> 
<p>On the other hand, if Bitcoin manages to move towards its resistance and successfully surpasses it, it wouldn’t be surprising to see the coin retest its all-time high.<br> In an ideal scenario, Bitcoin could potentially hit a new all-time high in the coming weeks.</p>

Can Growing Demand Drive Bitcoin Beyond $62K?

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CoinEagle.com

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