$BTC $61,500 Level Is the Perfect Buy-the-Dip, Says Expert - CoinPedia Analytics

According to expert technical analysis, BTC looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame and the recent breakout. When an asset trades above the 200 EMA, it indicates that the asset is in an uptrend. 

The Bitcoin price has been consolidating within a tight range between $63,500 and $64,500 levels for the last 3 days. As of now, there are two possibilities: if BTC falls below the $63,500 level, it may experience a 2.5% price drop and may retest the breakout level. On the other hand, if BTC breaks the $64,500 level, there is a high possibility it could soar by 5% to the $67,500 level. However, buying BTC at the retest level could offer a lower entry price, a tighter stop-loss, and a higher probability of a successful breakout. 

Due to the ongoing consolidation, BTC’s open interest has remained stable over the last 24 hours, according to the on-chain analytic firm CoinGlass. There seems to be no growing interest from traders and investors.