Analyst: Bitcoin's $60,000 Resistance Suggests 'Buying the Dip' Before Reaching All-Time Highs

Liquidity in Bitcoin (BTC) is changing — and that could mean new "buy the dip" opportunities for holders.

As on-chain analyst Material Scientist noted on Oct. 12, order book movements are now repeating August’s behavior.

Order book data fuels bull market

August was the month of Bitcoin’s initial “resurrection” after hitting an interim low of $29,000, encouraging bullishness, before heading into a sideways September.

Since then, October or the "early half" has brought sentiment back into a bullish state, as evidenced by order book records.

“Resistance at $60,000 – first time since August > bids within 20% (of spot price),” commented Material Scientist.

“If we get rejected [at $60,000], that would provide a good opportunity to buy the lows in the development to new all-time highs.”

In other words, with BTC already approaching $60,000, more sellers are demanding a higher price for BTC — within 20% of the spot price.

As other users have added, the divergence between buy and sell orders coincides with spot price tops and bottoms, adding further optimism about the current price action.

Resistance 'not important' after few months

Meanwhile, as Cointelegraph reported, analysts are divided on when and how much a potential correction will occur.

Bitcoin is keeping investors guessing as prices as low as $45,000 remain in check and amid a lack of overall selling interest, Bitcoin is approaching its all-time highs.

“Bitcoin is preparing for the second part of its cycle from a macro perspective. That is, Bitcoin is at the last major resistance zone before all-time highs,” trader and analyst Rekt Capital explained on October 12 road.

"In the short term, this area of resistance may matter. But in a few months -- it won't."