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Bitcoin is showing signs that $110,000 is “Buy the Dip” territory


Key points:

  • Bitcoin is finally seeing investors willing to “buy the dip” at prices around $110,000.

  • Multiple retests of support continue to grab the trader’s attention.

  • Bulls can still realize an RSI divergence with a strong daily close.

Bitcoin (BTC) kept pressure on key support Thursday as buyer interest showed signs of a comeback.

Bitcoin price, market, market analysis
BTC/USD one hour chart. Source: Cointelegraph/TradingView

BTC Price retakes the sub-$110,000 level

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking below $110,000 on bitstamp.

Exchange Order-Book Liquidity on both sides of the price has been targeted, with both local lows and resistance at $112,300 today a Main focus.

BTC Liquidation Heatmap. Source: Coinglass

“Time to lock again, 4th hour testing this demand area,” Trader Skew write about dating in an X post.

BTC/USD four hour chart. Source: skew/x

Trader and analyst REK Capital noted that BTC/USD has now filled an outstanding “gap” in the CME Group’s Bitcoin Futures futures market.

Response to relative strength index (RSI), Rekt Capital observed an “evolving” price-to-price divergence – a potential sign of upside to come.

“The price needs to be daily close like this for it to crystallize,” he added.

BTC/USD one day chart with RSI data. Source: REK Capital/X.

Crypto analyst and trader Ted Pillows uses market sentiment as proof that the price of Bitcoin is likely establishing a local floor.

“$BTC rallied after last week’s crash,” he said X Followers.

“Sentiment is at an all-time low, people are panic selling and ‘it’s all in’ on the timeline. It’s not going to happen at the top, but at the bottom.”

Bitcoin price comparison. Source: ted pillow/x

Pillows has uploaded a chart comparing BTC’s current price action to that of the Covid-19 cross-market crash in March 2020.

Count Cointelegraph reportedThe Crypto Fear and Greed Index flipped to “fear” this month, matching six-month lows.

Bitcoin dip-buyers finally appeared

Researching investor trends, however, Onchain’s analytics platform has good news for bulls.

Related: Bitcoin Traders Fear $102K BTC Price Dive Next as Gold Sets New Highs

Those who hold between 1 BTC and 1,000 BTC, this disclosed During the day, shows “strong accumulation.”

Even the whales, who distributed in large amounts of BTC in the market in recent weeks, are slowing down their sales.

Glassnode said this “signals that confidence has changed despite the recent shake-up.”

Investor cohort bitcoin trend accumulation. Source: Glassnode/x

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.