The recent liquidation of long positions may have established a local bottom, indicating that BTC could be set for a further upward move.
has shown resilience after a sharp decline following geopolitical tensions between Israel and Iran. Trading at around $62K at press time, Bitcoin was displaying signs of reclaiming the $63K level.
Key liquidity levels remained firm between $68,900 and $69,300 above the press time price, and $56,800 to $57,400 below. Notably, BTC is now 170 days past the latest Bitcoin halving, and historical patterns show that new all-time highs tend to form approximately 1,080 days after the previous cycle’s peak.
In the first quarter of 2024, spot ETFs bought nearly 9K BTC daily, pushing prices to new highs. If this buying trend continues, Bitcoin’s price could rise even further in the final quarter of 2024.
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