Bitcoin Returns To $60K, What’s Holding Off From New ATHs?
16 October 2021 - 02:27AM
NEWSBTC
At the time of writing, Bitcoin has smashed its way through the
$60,000 resistance and seems ready to take on new highs. The first
cryptocurrency by market cap records a 11.6% and 4.2% profit in the
weekly and daily charts, respectively. Pseudonym analyst Pentoshi
expects Bitcoin to entered uncharted territory in the near future.
As he pointed out, BTC’s price was capable of breaking out of its
macro low high by forming a new trend. Related Reading | TA:
Bitcoin Key Indicators Suggest Upside Continuation To $62K As seen
below, Bitcoin has created an important support at the $50,000
levels with a two potential targets for Q4, 2021. The first located
at $70,000 and the second at $85,000. $BTC key noteHas now taken
out the MACRO LH from when it topped and started it's LL + LH.
While forming a new trend of HH + HL It's only a matter of time
before ath's w/ this structure pic.twitter.com/sNK0VI51rH —
Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1)
October 15, 2021 Bitcoin Gets Stronger As The Bulls Take Over Data
provided by analyst William Clemente in a report by Blockware
Intelligence paints a bullish picture for Bitcoin. Less than 1% of
BTC’s supply has been move above current levels. Therefore, the
report claims there is “very little resistance or overhead supply
to the upside”. The Bitcoin Entity-Adjusted Spent Output Profit
Ratio (SPOR), a metric used to measure realized profit and loss for
holders, sits well above 1. As seen below, the last time this
metric stood above 1 or higher was during April 2021 when Bitcoin
was trading in its all-time high of $64,500. There is some
significant movement in the derivatives sector with the potential
approval of a BTC Exchange Traded Fund (ETF) in the U.S. As
reported by NewsBTC, this possibility is one of the reason the
market has flipped bullish. Related Reading | Bitcoin Futures
ETF Is Coming, No SEC Opposition The report expects that the BTC
ETF approval to create new opportunities for institutional
investors to enter the crypto market, suggesting fresh capital
coming in, to take a “non-directional position in the Bitcoin
market”. Thus, institutions will be able to profit from the
arbitrage created between the spot and futures market. In
addition, the Futures Annualized Rolling Basis indicates more
upside pressure, as the report said: This means less convexity to
the downside and shorts are more likely to be squeezed as they no
longer have an inadvertent hedge via their collateral. I suspect
that this will reverse once breaking all time highs but we’ll keep
an eye on it. Bitcoin Whales Drive The Trend On-chain activity has
followed the bullish momentum in Bitcoin with an increased in large
transactions and trading volume over the past 30-days. A quick look
at explorer mempool.space shows a rise in transactions fees over
the past 24 hours. Related Reading | Why Bitcoin Could Extend
Its Market Dominance As It Approaches $60K However, as the analyst
said, whales are dominating the market as suggested by the lack of
rise in google searches related to cryptocurrencies and on-chain
metrics, the report said: (…) we’ve actually seen the 100-1K cohort
offset their selling by over 1,000 BTC in that time period.
Overall, conclusion is that large buyers have indeed been active in
the market
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