CoinPost reported:
Bitcoin has stabilized above the support level of $60,970, which is a sign of market strength. However, popular analyst Zen predicts that Bitcoin may fall to $60,150 or $53,000.
In the past 24 hours, the price of Bitcoin has risen by 1.34%, trading at $61,571 on the chart. Its latest increase highlights the market’s resilience, especially with a market cap of $1.214 trillion and a daily trading volume of $22.06 billion.
The consistent price trend of Bitcoin also shows immediate support at $60,970, with resistance levels at $62,000 and $62,250. In fact, the recent surge above $61,500 means that the support level is now lagging behind Zen’s prediction, and the price may stabilize in the key range of $60,622 to $59,600.
This stability aligns with Zen’s previous analysis, which suggests that if the price remains above these levels, there is a possibility of a rebound from the bottom of the range.
It is worth noting here that Zen predicts a possible drop to $60,150, citing low liquidity below $60,630 and insufficient overnight trading volume. He points out the downward trend on the daily chart and the upward trend on the monthly chart, indicating mixed medium-term prospects that could be optimistic.
Finally, Zen emphasizes the possibility of Bitcoin falling to $53,000, which aligns with the monthly timeframe. Nevertheless, this is still a highly speculative possibility, as it would require BTC to drop more than 10% on the chart.
Zen’s liquidity pool observation shows that the recent pool is between $61,540 and $62,540, higher than the price at the time of his press release but lower than $60,260 and $59,440. In simple terms, Bitcoin’s proximity to these liquidity pools, especially the one near $61,540, may influence short-term price movements.
Analyzing the inflow data
Elsewhere, there have been significant fluctuations in fund inflows, with notable peaks occurring in late April and early June. These peaks often correspond to price changes, indicating that a large influx of Bitcoin into exchanges may precede price fluctuations. Transaction count data also highlights similar patterns, with increased activity related to price fluctuations.
In fact, from April 8th to April 22nd, both inflow volume and transaction volume were high, causing the price to drop from $71,078 to $58,282.
At the end of April and beginning of May, peaks in inflow volume and transaction volume corresponded to price peaks around $64,680 and $67,879, respectively.
Finally, in early June, these indicators had multiple peaks, with the price trend around $61,481, close to the current level on the chart.
Therefore, these levels and indicators are worth considering to understand the future price trends of cryptocurrencies.
