‘Clear skies’ for Bitcoin price discovery if giant $70K BTC sell-wall is scaled


Bitcoin (BTC) clings to $ 68,000 on November 9 after traders announced it was “ready to download” and ready to begin further pricing.

1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Bitcoin is approaching the Great Wall of Phoenix
Data from Cointelegraph Markets Pro and TradingView recorded a second night of impressive gains in a row for BTC / USD.

The pair spent most of Sunday around $ 62,000, but are now up 11.4% in just two days, including a new all-time high of $ 68,564 on Bitstamp.

Highest weekly closing of BTC ever since consolidation. The famous merchant Bentoshi predicted that at the beginning of the week “we are on the trade.”

Philbfilb, co-founder and analyst of the trading platform Decentrader, also drew on existing bullish beliefs, noting that Bitcoin now has to do with what he called the Finex Great Wall – a huge selling wall on the Bitfinex exchange worth around $ 70,000 compared to the recently heavy build of a whale. … …

Break it down and further growth potential will increase exponentially. This month’s forecasts of up to $ 98,000, announced just days ago but unattainable, will be returned to the spreadsheet at once.

In 2021, while the behavior of the beef market in 2013 and 2017 is closely monitored, it is still relatively modest compared to the growth rate that followed the two previous halves in support of the Bitcoin block.

Investors are trying to get orders for more bitcoins
Institutional demand for bitcoin, even at an all-time high, shows no signs of declining before the launch of an exchange-traded fund (ETF) with a potential spot price in the US.

RELATED: Ethereum returns in price opens when ETH approaches $ 5,000

“$ 70,000 will come in bitcoin,” SkyBridge Capital CEO Anthony Scaramucci added on Tuesday, suggesting he is still a buyer in the market.

Finally, there is great institutional demand. I am trying to get orders until 2022. »

Bitcoin vs gold. Source: Woobull
In the face of inflation, Bitcoin’s attractiveness for gold as a hedge has skyrocketed as the market value was 10.7% of gold.

In terms of the sustainability of the current rally, funding rates across exchanges are high, but not volatile at the time of writing, with interest rates on Binance already lower than on Monday.

Source: CoinTelegraph


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