As noted by on-chain analyst Material Scientist on Oct. 12, order book movements are now repeating behavior from August.
Order book data boosts bull case
What was Bitcoin’s initial “renaissance” month after hitting mid-cycle lows of $29,000, August encouraged bullish perspectives to return before a sideways September entered.
October, or “Uptober,” has since taken the mood back to bullish, and order book data proves it.
“Resistance at 60K — First time since August that asks > bids within 20% of price,” Material Scientist commented.
“If we get rejected it would provide a nice dip-buying opportunity on the path to ATH.”
In other words, as BTC/USD has neared $60,000, more sellers are demanding higher prices for BTC — within 20% of spot price.
As other users have added, the divergences between the bid and ask orders have coincided with local spot price tops and bottoms, further adding to the optimism over current price action.
Resistance “won’t matter” months from now
As Cointelegraph reported, meanwhile, analysts are split over when a potential correction could happen and how far it could extend.
Related: BTC price hits $57K five-month high — 5 things to watch in BTC this week
With as low as $45,000 still in play, yet against a lack of overall selling interest, Bitcoin is keeping investors guessing as it grinds towards all-time highs.
“Macro-wise, BTC is gearing up for the second part of its cycle. That said, $BTC is at its final major resistance area before new All-Time Highs,” trader and analyst Rekt Capital reasoned on Oct. 12.
“In the short-term, this resistance area may matter. But months from now — it won’t.”