After a period of consolidation in the last few weeks, Bitcoin is trading above USD 60,000 again. With 3% gains on the daily chart at the time of writing and 2% gain on the weekly chart, BTC is still looking for confirmation of its rally.
BTC with bullish momentum on the 24-hour chart. Source: BTCUSD Tradingview As it neared its all-time high zone, the refinancing rate for the BTC futures market skyrocketed towards 0.14% on all exchanges. This means that there are greater incentives to take short positions for investors in this sector.
As the chart below shows, this metric has remained relatively low (0.03%) for the past few days as Bitcoin price moved sideways.
Source: Glassnode However, following the upward movement of BTC, as it has done in recent months, a large number of short positions have been liquidated.
Data from Glassnode, shared by Moskovski Capital CIO Lex Moskovski, shows that $ 163 million was liquidated across all exchange platforms in less than an hour.
Source: GlassnodeTrader Adam Mancini is optimistic about the current price development of Bitcoin. Mancini puts support at $ 53,000 and believes the cryptocurrency has moved sideways in the past. Losing this level could invalidate Mancini’s theory.
The cryptocurrency has formed a “clean bullish triangle pattern” as shown in the table above. And aims at $ 75,000 with an upper target of $ 95,000. The dealer said:
Bitcoin is just about to break out of this triangle – let’s see if it can start the leg up to 75,000 from here.
Source: Adam Mancini In support of the above, former Goldman Sachs CEO Raoul Pal said that a drop in BTC prices above its 3-month range for the cryptocurrency could be massively bullish. Pal expects the price to “make a strong upward trend” toward $ 80,000.
It feels like a big deal when BTC breaks a 3 month range and a wedge. It should create a strong uptrend. (The axis has been compressed on the chart to point to the top for a dramatic effect. 😉) #Bitcoin pic.twitter.com/q65CjBn7i6
– Raoul Pal (@RaoulGMI) April 10, 2021
Bitcoin’s fundamentals support further upward movement
According to an ARK Invest study conducted by Yassine Elmandjra, the Bitcoin rally has solid fundamentals. According to Cointime Destroyed, the metric use to measure the BTC coming from cold wallets to exchanges is an estimated 30% from the 2017 bull run.
Although the price of Bitcoin has been almost ripe since the ATH during this $ 20,000 period, investors are keeping a tight grip on their coins. With that in mind, Glassnode co-founder Rafael Schultze-Kraft announced Bitcoin’s three-month Coind Days Destroyed on a downward trend.
That’s nice. Experimenting with Destroyed Coin Days: Despite BTC prices over $ 50,000, 3-month CDD at low levels and declining lately. Old hands are extremely strong here, HODLers show conviction and do what they do best. Doesn’t look like a top to me.