As the price of Bitcoin approaches $ 60,000, two technical indicators indicate that the price of Bitcoin can reach higher levels.
to the Report Cryptopotito, after a quiet weekend in which the price of bitcoin remained more or less unchanged, the recent fluctuations of bitcoin set new upward targets.
CryptoQuant analysts say there may be reasons for this uptrend.
Cryptoputio recently reported that the price of Bitcoin remained stable at around $ 55,000 despite weekend fluctuations.
However, with the start of the new week on Monday, we saw positive price developments, as Bitcoin rose about $ 3,500 in just a few hours to more than $ 58,000.
From a technical point of view, this indicates two issues: first, it showed that there is a significant demand below the $ 55,000 range, because buyers do not allow the price of bitcoin to remain below this level for a long time, and this price drop with a revival. It was compensated relatively quickly.
On the other hand, it showed that Bitcoin is currently facing heavy resistance in the range of $ 58,000 to $ 58,350. This price range shows the previous historical peak on February 21, 2020, when the price of Bitcoin reached 58,350. Also, this range is in a downward trend line and is considered as an important area. In any case, above this price range, the target is $ 60,000.
There are several things that can happen today that can accelerate the continuation of the uptrend. Visa, the world’s largest payment processor, has announced that it will settle the USDC transaction on Ethereum. Although this news seems to lead to the rapid growth of Ethereum, the truth is that this news is pushing the entire digital currency industry forward.
We all know that Bitcoin is the number one currency in the industry. This indicates the direction of the market for the largest part of it and in the near future there are no signs that this trend will slow down.
In any case, cryptocurrency, a provider of digital currency analytics, has stated that the level of stable coins in exchange offices has recently reached its historic peak.
This means that there is currently a lot of capital in the exchanges that has not yet been used in the positions. In addition, analysts have proposed another measure called the Stablecoins Ratio. This criterion measures the number of bitcoins compared to the amount of stable coins available in exchange offices. This criterion is at its lowest level since November.
This is another strong sign and shows that there is no significant selling pressure in this price range.