Bitcoin’s price has recently found support around the significant $60K price level, initiating a period of sideways consolidation correction. However, buyers are aiming to reclaim the $73K threshold in the mid-term, propelling the price towards a new all-time high.
Consequently, this increased buying pressure halted the ongoing retracement, triggering a significant reversal towards the $66K threshold. Nonetheless, the price appears to have entered a mid-term period of sideways consolidation between the support region of $60K and the substantial resistance of $73K until a breakout occurs. Overall, the prevailing outlook remains bullish, with the potential for the price to breach the upper boundary of this range, setting a new all-time high.
It’s important to note that the recent decline may stem from profit realization among market participants. Such behavior is typical during healthy bullish trends, allowing the market to rest and regain buying power. Consequently, Bitcoin is anticipated to resume its ascent towards the $73K threshold once the consolidation correction phase concludes.The “Exchange Whale Ratio” measures the ratio between the top 10 significant inflows and the total inflow volume on cryptocurrency exchanges.
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