Bitcoin at $62K ‘great buy’ before next surge, says fund manager

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Bitcoin (BTC) regarded set to retest earlier all-time highs on Thursday as a fund supervisor known as it a “nice alternative to purchase.”

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Cointelegraph Markets Pro and TradingView confirmed a 3.3% every day comedown for BTC/USD taking intention at new help ranges on Thursday.

Bitcoin outlook “wildly bullish”

After surging to nearly $65,000 on Monday, Bitcoin started to consolidate in a brand new vary as the thrill round Coinbase’s profitable Nasdaq itemizing cooled.

On the time of writing, the biggest cryptocurrency traded at round $62,600, round $700 larger than March’s file of $61,700

This space, Vailshire Capital Administration CEO Jeff Ross believes, ought to now set the scene for a support-resistance flip, which, if profitable, will permit BTC/USD to proceed rising.

“Wholesome retest of earlier consolidation wedge ceiling. Macro view: Wildly bullish. On chain analytics: Wildly bullish,” he wrote on Twitter on the day.

“Opinion: Worth ought to shut above outdated ‘ceiling’ of ~$61,250, then surge larger. Nice alternative to purchase earlier than subsequent leg larger.”

Sellers cool off underneath $70,000

A have a look at alternate order books appeared to substantiate urge for food even amongst ardent sellers for permitting Bitcoin a couple of thousand {dollars}’ additional development on brief timeframes. 

On Binance, promote orders have been lined up first at $65,000, with a extra important band of resistance now in place at $70,000 and $72,000.

BTC/USD purchase and promote order heatmap. Supply: Materials Indicators

These higher ranges have lengthy been the main target of analysts, with one even describing them as “future” for the brief time period.

Different on-chain metrics confirmed sustained engagement from buyers throughout the board, with the full variety of Bitcoin pockets addresses containing 0.01 BTC or extra passing 9 million for the primary time. 

Bitcoin wallets with 0.01 BTC or extra. Supply: Glassnode