Bitcoin Pays Attention to Buying Pressure Despite BTC Price Falling to $66 Thousand, Analyst Gives Recovery Tips
Bitcoin (BTC) price has experienced significant fluctuations recently, rising above $66,000 after falling to $65,000. Despite this volatility, market sentiment remains optimistic due to increasing buying pressure, especially on platforms such as huobi Global. Moreover, BTC is hovering above a crucial support level, signaling an impending recovery.
BTC Registers Significant Buying Pressure
Ali Martinez, a well-known crypto analyst, noted a notable increase in purchasing activity. In a recent post on X, Martinez wrote: “Someone is buying Bitcoin’s dip! BTC Buyer Buying Selling Ratio on Huobi Global increased to 545!” The analyst added: “This increase in buying pressure indicates a bullish bias, which suggests that BTC price action may be on the horizon.”
BTC Buyer Bid Ask Ratio is a measurement that compares the volume of buy orders (buyer buying volume) to sell orders (buyer selling volume) on an exchange. A ratio above 1 indicates that buying activity exceeds selling activity, reflecting a bullish trend among traders.
Additionally, a ratio as high as 545 indicates extremely strong buying pressure. Therefore, it shows that investors are seizing the opportunity to purchase Bitcoin at lower prices in anticipation of future price growth. This resurgence is occurring amid a broader market context shaped by a variety of macroeconomic factors.
Another leading analyst, Michaël van de Poppe, offered an in-depth analysis of last week’s market movements. He stated that macroeconomic data were generally positive and contributed to the rise in gold and USD markets. However, it could not reverse the recent decline in crypto markets.
Key economic indicators such as the Consumer Price Index (CPI) and Producer Price Index (PPI) are closely examined. CPI data published last Wednesday showed a lower than expected increase; This is generally seen as a positive for risk-bearing assets such as cryptocurrencies.
“Normal CPI came out at 3.3%, whereas 3.4% was expected. Core CPI Normal scored 3.4%, while 3.5% was expected. “All of them are positive about a potential rate cut, or at least support the positivity towards a potential rate cut,” Poppe said. However, despite these seemingly positive signs, Bitcoin and altcoins do not yet reflect an upward trend.
Also Read: Australian Spot Bitcoin ETF to Start Trading on ASX Exchange
BTC Price Recovery
Adding to the complexity, recent actions and statements by the Federal Reserve have also had a significant impact. Fed Chairman Jerome Powell’s hawkish speech on Wednesday dampened market expectations that rate cuts were imminent, even as economic data pointed to the need for such measures.
Despite the current market turbulence, there are signs of a potential recovery. Martinez highlights the critical level that Bitcoin must maintain to avoid a deeper correction. “#Bitcoin needs to move quickly above $66,254 to avoid a possible correction towards $61,100!” Martinez said. he warned. Therefore, Bitcoin’s recent rise above this level is a positive indicator indicating possible stability.
Meanwhile, another analyst, CryptoCon, noted the importance of monitoring the 20-week Exponential Moving Average (EMA) as a key support level. “Sideways #Bitcoin price movement and consolidation continues… Number to watch: $61,603 based on the 20-week EMA, the most reliable healthy support,” CryptoCon said.
This support level remains strong, strengthening cautious optimism among market participants. CryptoCon recommended waiting before making the next move, as market dynamics can change at any time. Meanwhile, at the time of writing, the Bitcoin price fell by 0.86% to $66,264.19 on Saturday, June 15.
Also Read: Why Is Bitcoin (BTC) Price Falling Rapidly Today?
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