BitcoinShort
BTC Golden Zone 62K 59K
Relationship between BTC price and the amount of BTC held by wallets with balances between 10,000 and 100,000 BTC.
There are several periods where the amount of BTC held by these wallets increases significantly like past few weeks.
Notably, an increase in wallet holdings often correlates with an upward trend in BTC price. For example, the spike in holdings around early 2023 coincides with a rise in BTC price
Spot and Future Perpetual Order Book
There are considerable buy orders clustered around the $60,000 to $64,000 range, suggesting strong support within this zone.
The volume is concentrated around the mid-$60,000 range, reflecting a balanced but cautious market sentiment.
Future Perpetual sell orders are placed at $65,105.4, $65,133.3, and other similar levels. The presence of volume trades suggests active participation by market makers, possibly influencing the price to maintain liquidity.
Current Weekly Chart of BTC
Critical support levels are identified at $62,052.84 and $59,285.46. These are Fibonacci retracement levels which are historically strong indicators of support.
The volume over the past few weeks shows a decline, indicating a potential reduction in spot selling interest.
Probability of BTC Price Falling Below 60K
So I think given the data from wallet holdings, order book analysis, and the current BTC price chart, the probability of BTC falling below 60K in the short term is relatively low due to the strong support in the 60K to 64K range.
There are several periods where the amount of BTC held by these wallets increases significantly like past few weeks.
Notably, an increase in wallet holdings often correlates with an upward trend in BTC price. For example, the spike in holdings around early 2023 coincides with a rise in BTC price
Spot and Future Perpetual Order Book
There are considerable buy orders clustered around the $60,000 to $64,000 range, suggesting strong support within this zone.
The volume is concentrated around the mid-$60,000 range, reflecting a balanced but cautious market sentiment.
Future Perpetual sell orders are placed at $65,105.4, $65,133.3, and other similar levels. The presence of volume trades suggests active participation by market makers, possibly influencing the price to maintain liquidity.
Current Weekly Chart of BTC
Critical support levels are identified at $62,052.84 and $59,285.46. These are Fibonacci retracement levels which are historically strong indicators of support.
The volume over the past few weeks shows a decline, indicating a potential reduction in spot selling interest.
Probability of BTC Price Falling Below 60K
- The 60K to
64K range has strong buy support as seen in both the spot and future perpetual order books. This indicates that many traders are willing to buy BTC if the price falls within this range, providing a buffer against a sharp decline. - The balanced order book suggests that a drastic fall below 60K would require substantial selling pressure.
- While the technical indicators show strong support, fundamental factors like geopolitical tensions (e.g., NATO-Russia-China) could introduce volatility and potential downside risk.
So I think given the data from wallet holdings, order book analysis, and the current BTC price chart, the probability of BTC falling below 60K in the short term is relatively low due to the strong support in the 60K to 64K range.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.