BTC Reclaims $58K as On-Chain Signals Bullish Momentum Toward $64K

The Bitcoin price has reclaimed bullish momentum with a 2.48% jump in the last 24 hours. Since Monday, the Bitcoin price has jumped by 5.81% this week, undermining the 4.26% drop last week. 

According to liquidation data, the leveraged traders are at risk despite the uptrend. With $111 million in total liquidation in the last 24 hours, $58M long side and $53M in short side liquidations reveal high volatility.

Amid growing volatility, will the BTC price surge to $60,000?

Bitcoin Rises Amid Increasing Volatility

Currently, Bitcoin is trading at $58,053, reclaiming the $58,000 mark. And signaling a new bullish cycle. The V-shaped reversal from the $54,000 support level and the declining support trend line mark a high momentum trend.

Tradingview

Furthermore, the reversal increases the chances of a double-bottom reversal, with a neckline near the $64,000 previous swing high. In the daily chart, the Bitcoin price action reveals a bullish flag pattern, with secondary resistance within the flagged channel.

Currently, the bullish trend is on its way to approaching the 23.60% Fibonacci level at $62,629.

Bitcoin On-chain Reveals Rising Momentum 

The global in and out of the money data from IntoTheBlock reveals 6.57% of the total Bitcoin supply at the money zone. It accounts for $75.27 billion or 1.3 million Bitcoins. 

Currently, 15.38 million BTC are in the money zone worth $891 billion and account for 77.78% of the total supply. Meanwhile, 3.09 million BTC are out “of the money” and account for 15.65% of the total supply. 

The at-the-money zone ranges from $57,921 to $61,316. As the current price is close to the lower boundary of the at-the-money zone, a minor slip below $57,921 could put 1.3 million BTC in the “out of the money” zone.

Cryptoquant

Amid the increasing bullish momentum, the Bitcoin exchange reserve has seen a massive dip, currently at $2.5 million.

Over the last 30 days, the net flow of -5.15K Bitcoins reveals increased withdrawals from the exchanges. This reveals a boost in the confidence of investors towards Bitcoin.

Bitcoin Aims Beyond $60,000

With a bullish trend in action, the on-chain data maintains an overall positive flag and a buy signal for Bitcoin. Further, the upcoming FOMC meeting, post-bullish CPI data, is likely to propel the rally. 

Hence, amid the rate cut chances and flourishing market conditions, the bull run in Bitcoin price will surpass $60,000 this week. On the upside, the rally could find opposition at $62,629 or $68,613.