he past 2 days, Bitcoin (BTC) has broken out of a critical resistance area around the level of $63,000. Furthermore, Bitfinex analysts highlight the significance of tis level and forecast further price appreciation for Bitcoin as key on-chain indicators signal bullish momentum
Key Bullish Indicators:
The realized price of UTXO age bands, in the case of short and intermmediate term holders, suggest further price appreciation for the bitcoin market. Above the $63k short-term holder cost reveals the possibility to continue the BTC rally.
Market Resilience:
The market has proven rather effective in the past few weeks, even though there has been a lot of volatility across the bitcoin and cryptocurrency market and selling across platforms such as Coinbase. Lack of sharp liquidations during the corrections also points to a sound position.
Bitcoin Poised for Upside Despite Dips:
Though short-term reversal cannot be ruled out, analysts see Bitcoin as fundamentally well-placed for a blowout move to the upside even if prices again fall back to the lows.
