- Bitcoin stabilized above the $60,970 support level – a sign of market strength
- However, popular analyst Zen predicts a potential dip to $60,150 or $53,000
Over the past 24 hours, Bitcoin’s price has risen 1.34% to hit the charts at $61,571. It’s the newest The rebound highlighted a strengthening market, especially with a market cap of $1.214 trillion and a daily trading volume of $22.06 billion.
Bitcoins continuous price movements also showed immediate support at $60,970 and resistance levels at $62,000 and $62,250. In fact, the recent rise above $61,500 meant that the break in the support level is now behind us Zen’s predictionand the price could stabilize above the critical range of $60,622 – $59,600.
This stabilization is consistent with Zen’s previous analysis on the potential for a rebound from the bottom of the range, if price remains above these levels.
Here it is also worth noting that Zen predicted a potential dip to $60,150, citing cleared liquidity below $60,630 and a lack of volume in overnight trading. He noted the downtrend on the daily chart and the uptrend on the monthly chart, indicating a mixed but potentially bullish medium-term outlook.
Finally, Zen highlighted the possibility of Bitcoin falling to $53,000, which matches the monthly time frame. However, this remains a highly speculative possibility as it would require BTC to drop more than 10% on the charts.
Source:
Zen’s liquidity pool observations showed the closest pools are at $61,540 and $62,540, above the press time price, and at $60,260 and $59,440 below. Simply put, Bitcoin’s proximity to these liquidity pools, especially the one near $61,540, could potentially impact short-term price action.
Analyzing inflow data
Elsewhere, inflows fluctuated considerably, with notable peaks in late April and early June. These spikes often coincide with price changes, suggesting that large amounts of Bitcoin entering the exchanges may precede price volatility. The data on the number of transactions also revealed similar patterns, with increased activity correlating with price movements.
Source: IntoTheBlock
From April 8 to April 22, both inflow volumes and number of transactions were high, corresponding to a price drop from $71,078 to $58,282.
In late April and early May, peaks in inflow volumes and number of transactions corresponded to price peaks around $64,680 and $67,879, respectively.
Finally, there were multiple spikes in these metrics in early June, with the price hovering around $61,481, close to current chart levels.
Therefore, these are all levels and metrics worth looking at to get a glimpse into the future price action of the cryptocurrency.