After a significant price surge of over 7% on August 23, 2024, the Bitcoin (BTC) price has been moving in a tight range. In this ongoing consolidation, recently a crypto expert made a post on X (Previously Twitter) stating that if Bitcoin price comes to the $61,500 level, it would be an ultimate opportunity to buy the dip.
$61,500 Level Ultimate Buying Opportunity
The reason behind this post on X is the recent breakout from the bullish ascending triangle price action pattern. Since the breakout, the BTC price has not yet been retested at the $61,500 level. If BTC does retest that level, there is a high possibility it could soar significantly in the coming days.
Bitcoin Price Prediction
According to expert technical analysis, BTC looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame and the recent breakout. When an asset trades above the 200 EMA, it indicates that the asset is in an uptrend.
The Bitcoin price has been consolidating within a tight range between $63,500 and $64,500 levels for the last 3 days. As of now, there are two possibilities: if BTC falls below the $63,500 level, it may experience a 2.5% price drop and may retest the breakout level. On the other hand, if BTC breaks the $64,500 level, there is a high possibility it could soar by 5% to the $67,500 level.
However, buying BTC at the retest level could offer a lower entry price, a tighter stop-loss, and a higher probability of a successful breakout.
Market Sentiment and Liquidation Levels
Due to the ongoing consolidation, BTC’s open interest has remained stable over the last 24 hours, according to the on-chain analytic firm CoinGlass. There seems to be no growing interest from traders and investors.
Meanwhile, the short-term sentiment looks bearish. According to the Bitcoin exchange liquidation map, short sellers are placing more bets compared to bull’s long positions. As of now, the major liquidation levels are near $63,390 on the lower side and $64,890 on the upper side, according to CoinGlass data.
If the sentiment shifts bearish and the BTC price drops to the $63,390 level, nearly $117 million worth of long positions will be liquidated. Conversely, the sentiment turns bullish and the price rises to the $64,890 level, nearly $516 million worth of long positions will be liquidated.
Current Market Status
At press time, BTC is trading near the $63,580 level and has experienced a price drop of 1% in the last 24 hours. Meanwhile, its trading volume has increased by 20% during the same period, indicating higher participation from traders.
Source: https://coinpedia.org/price-analysis/bitcoins-61500-level-is-the-perfect-buy-the-dip-says-expert/