BTC Bid Moves Above $60,000, Hopes for BTC Rebounds

BTC Bid Moves Above $60,000, Hopes for BTC Rebounds

Bids for Bitcoin (BTC) have surpassed the $60,000 threshold, indicating a return of investor confidence and expectations for a price increase. Data from the tracking tool CoinGlass shows that bid liquidity has significantly increased as of April 17, with concentrations clustering closer to the busy trading range above $60,000.

The increase in bidding indicates that investors are becoming more optimistic about Bitcoin’s ability to reach greater price levels. In recent weeks, there has been an increase in market volatility for cryptocurrencies, with Bitcoin seeing price and sentiment swings.

Bitcoin saw a period of consolidation and corrective swings following its all-time highs earlier in the year, which alarmed traders and investors. However, the most recent data, which shows an increase in offers of over $60,000, points to a change in sentiment among investors, who are becoming more optimistic about Bitcoin’s future.

Institutional Investors Move to Rescue the BTC As Popularity Rise 

Market observers credit several factors, including increasing institutional interest, favourable regulatory developments, and the growing acceptance of cryptocurrencies as a substitute asset class. The concentration of bids at particular price points indicates that market players are positioned strategically in anticipation of an upward trend in the price trajectory of Bitcoin.

Institutional investors have been contributing more money to Bitcoin and other cryptocurrencies lately since they see them as a way to diversify their investment portfolios and act as a hedge against inflation. Analysts from DecenTrader stated that the funding period was shortened, which is evident in the general calming environment.

On its X platform, the company says that the market funding rate has returned and is showing a positive trend. It also showed a sign that the derivatives trading pattern is slowing down. As at press time, Bitcoin is trading at $61,430.08, a 2.45% decline, after being traded $41,773,956,427, another 6.82% drop in the last 24 hours. Bitcoin closed with a market capitalization of $1,212,176,909,947, a 2.22% drop. 

Investors Pay Attention to Bitcoin’s Recapture Plan, Stays Optimistic

If Bitcoin breaks out above these resistance levels, it may continue to rise, retesting its all-time highs and much higher. The continued occurrence of price fluctuations and abrupt reversals in Bitcoin trading highlights investors’ need to use smart risk management measures.

Investors are focusing on Bitcoin’s ability to recapture higher price territory shortly as bid liquidity grows and concentrations form at important price levels. However, care is still necessary given the market’s natural volatility and the possibility that unanticipated events could affect price dynamics.

However, Farside Investors’ analysis shows that the Exchange Traded Funds (ETFs) have another total outflow of $58 million as of April 16. This was hastily followed by a $12.9 million from ARK 21Shares Bitcoin ETF (ARKB) and  $79.4 million worth of outflows from Grayscale Bitcoin Trust (GBTC).

Material Indicators Boss Speaks, Says Current Trend Providing Psychological Relief

The BTC has liquidated many investments this week, with very little retracement that flushed out positions worth millions of dollars. The bull has yet to retrace the original balance, with the BTC/USD trading pairs still stuck at  $63,000 while getting ready for a new breakdown.  The most recent order book analysis, the bids attempt to get occupied below the spot price, a common behaviour that targets further draw down the market.

The co-founder of Material Indicators, Keith Alan, explained that the current situation is providing traders with open psychological relief, and it is acceptable considering it’s a market with upside-burn characteristics. In a visual analysis posted on X, Alan suggested that historically, the coin has moved into an overhead resistance.

In his analysis, Alan said that the market needs more bid liquidity, which should happen before the market gets a move that has a higher chance of breaking through the current trend. CoinGlass analysis has said that the most significant bid convergence, which emerged over 24 hours before this report, is standing at  $62,800,  $62,200, and $61,200.

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Chad Butler
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Chad Butler

Chad Butler, a renowned name in crypto journalism, excels in translating complex blockchain topics into lucid prose. His astute analyses and timely updates make him a trusted voice in the cryptocurrency landscape. Through his articles, Chad consistently offers readers an informed and insightful perspective on the evolving digital market

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