Bitcoin has entered a new decision phase after the weak course in recent weeks. The fact that large investors stepped in to buy in critical price zones limited a deeper retreat for now. However, analysts note that the market still needs to surpass important thresholds for confirmation of a broader recovery.
Buying wall came to the fore in Binance
Market analyst CW said that large Bitcoin investors trading on Binance have created a new buy wall around $60,800. This indicates that high amount of buy orders are concentrated in a certain region to meet the selling pressure. Binance stands out as one of the largest cryptocurrency exchanges in the world in terms of transaction volume.
Analyst CW reports that large investors on Binance placed intense buy orders around $60,800 and that this area has become an important line of defense in the short term.
Although Bitcoin approached the $63,990 level with a short-term rise, it could not maintain permanence above the $63,400-$63,500 band. After this unsuccessful attempt, a short-term trap occurred and profit sales accelerated. The price later dropped to $61,297.
Despite this, buyers pushed the price back above the $62,000 level. CW states that if the $63,500 resistance is overcome decisively, the upward momentum may regain strength and the price may head towards the $64,000 region. If this level is not exceeded, the range between $61,300 and $60,400 and $60,600 may come to the fore again.
Mini dictionary: Buy wall refers to large buy orders accumulated in the order book at a certain price level. This structure can slow the pace of decline during strong selling periods, but orders can be changed quickly if desired.
| Level | Importance |
|---|---|
| $60,800 | Buying wall created by big investors |
| $63,400 to $63,500 | Critical resistance zone to be overcome |
| $64,000 | Target zone followed in the upside scenario |
Turning point in the long-term cycle is being discussed
Analyst Crypto Patel pointed out the long-term upward channel that has been preserved on Bitcoin’s monthly chart for about 13 years. According to Patel, the sharp declines seen in 2013, 2017 and 2021 were followed by long periods of accumulation, and these processes resulted in new peaks.
Crypto Patel emphasizes that Bitcoin has remained within the same long-term uptrend channel for nearly 13 years, repeating periods of accumulation followed by strong pullbacks.
Patel noted that pullbacks in down markets have diminished over time, with losses of approximately 87.5% and 79.3% in previous cycles. This picture is interpreted as indicating that corporate participation has increased and the transaction structure has matured. If the four-year cycle is maintained, long-term channel support could be found around $35,000 in the event of a sharp pullback.
Although indicators point to recovery, confirmation is lacking
Blockchain analysis company Swissblock announced that the first signs of stabilization were seen in Bitcoin after months of sales pressure. According to the company’s assessment, price momentum has recovered from extremely negative levels. Improvement was also noted in the OBV indicator. This outlook indicates that the selling pressure is weakening and the buying pressure is gradually increasing.
However, Swissblock emphasizes that both indicators have not yet risen above the neutral line. According to the company, this situation shows that corporate purchases, in particular, are still limited. It is considered that stronger volume is required for a permanent upward trend, and the current movement is a transition phase for now.
Analysts think that the risk of a two-way breakout continues during this period when Bitcoin is stuck between support and resistance. An upward break could strengthen the possibility of a faster recovery. A downward movement may trigger a new sales wave. The last chart shows that buyers increased their accumulation and the momentum gradually gained strength.
