Bitcoin On The Brink Of Short-Term Bullish Run Following Bitcoin’s price ascent to around $62,000 on Friday, CryptoQuant analyst with the username Yonsei_dent shared a key insight on the asset’s potential price movement. In a Quickake post, Yonsei_dent highlights $62,700 to be the key price level for short-term holders i.e.$62,700 represents the average price at which many short-holders acquired Bitcoin, which the analyst states has remained consistent for the last three months.
However, Yonsei_dent notes that Bitcoin needs to rise above $63,000 to initiate a significant bullish momentum over the coming weeks. Since this price commentary, Bitcoin has traded above $63,000, albeit temporarily before retracing to around $62,300.
Currently, Bitcoin’s trading volume is valued at $30.75 billion, however, reflecting only a minor 2.94% gain in the last 24 hours. If the price of BTC returned above $63,000 with a marked increase in trading activity, the premier cryptocurrency could rise to around $67,000, at which lies its next significant price resistance level.
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