Bitcoin (BTC), which is currently trading at $68,000, has held onto that figure since Nov. 9, when traders declared it “clear to take-off” and are ready to start further price discovery.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin nears “Great Wall of Finex”.
Data from TradingView and Cointelegraph Markets Pro has shown that BTC/USD experienced a second night with impressive gains.
The pair spent Sunday near $62,000 but are now up 11.4% in less than two days. This includes a new record high of $68,564 via Bitstamp.
“BTC’s highest weekly close since consolidation. Popular trader Pentoshi predicted that we are ready for takeoff as the week started.
Filbfilb was also the co-founder of Decentrader and an analyst. He noted that Bitcoin was now facing what he called “Great Wall of Finex”, a sell wall on Bitfinex worth $70,000, which contrasts recent whale accumulation.
Break this and the upside potential for further gains increases significantly. The possibility of achieving end-of-month projections as high as $98,000, which were just days ago considered impossible, is now possible.
The #bitcoin price has consecutively set: – All-time high monthly close – All-time high weekly close – All-time high daily close Skies are clear for a new round of price discovery pic.twitter.com/5lqywzbnwi
— November 9, 2021, Dilution-proof (@dilutionproof).
While 2021 closely tracks the behavior of the bull markets of 2013 and 2017, it is still comparatively small when compared with the speed of gains that occurred following the two previous block subsidy halves.
Investors are “trying get orders in” to buy more BTC
Even though Bitcoin is at an all-time high, institutional demand shows no sign of slowing down ahead of the possible launch of an ETF (spot price exchange-traded fund) in the United States.
Related: Ethereum returns to price discovery as ETH nears $5K
SkyBridge Capital CEO Anthony Scaramucci said Tuesday that Bitcoin is up to $70k, hinting at his continued interest in the market.
“Large institutional demands have finally arrived. Try to get orders in before 2022
Chart comparing bitcoin and gold Source: Woobull
In an inflationary climate, Bitcoin’s appeal as a hedge was boosted overnight. Its market cap reached 10.7% of gold’s.
The sustainability of the current uptick is being assessed by funding rates across exchanges. Binance’s rates are lower than Monday’s, but they are still high enough to sustain.
Chart of BTC funding rates. Source: Coinglass
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