“Clear skies” for Bitcoin pricing when the huge $ 70K BTC selling wall is scaled

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Bitcoin (BTC) is clinging to $ 68,000 on Nov. 9 after traders said it was “free to go” and ready to begin further pricing.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin approaches the “Great Wall of Finex”

Data from Cointelegraph Markets Pro and TradingView show a second consecutive night of impressive profits for BTC / USD.

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The pair spent most of Sunday at nearly $ 62,000 but is now up 11.4% overall in just over two days – including a new all-time high of $ 68,564 on Bitstamp.

“BTC highest weekly closing ever after consolidation. We are ready to go ”, predicted the popular trader Pentoshi at the beginning of the week.

Filbfilb, co-founder and analyst of the trading platform Decentrader, also built on existing optimistic beliefs and noted that Bitcoin is now tackling what he called the “Great Wall of Finex” – a large selling wall on the Bitfinex exchange for around $ 70,000 in contrast to the recent heavy whale accumulation.

Break this and the further upside will increase significantly. At the same time, month-end projections of up to $ 98,000 are returning, which were considered impossible just a few days ago.

In 2021, while behavior in both the 2013 and 2017 bull markets will be closely tracked, it will remain comparatively modest compared to the rate of gains that followed Bitcoin’s two previous block subsidy halves.

Investors “trying to get orders for more BTC”

Institutional demand for Bitcoin, even at all-time highs, shows no signs of subsiding before the launch of a possible Spot Price Exchange Traded Fund (ETF) in the US.

Related: Ethereum back in pricing since ETH is $ 5,000. approaching

“$ 70,000 on Bitcoin,” added Anthony Scaramucci, CEO of SkyBridge Capital, on Tuesday, suggesting that he was still a buyer in the market.

“There is finally a great institutional demand. I’m trying to get orders before 2022. “

Bitcoin vs. gold chart. Source: Woobull

Amid an inflationary environment, Bitcoin’s attractiveness over gold as an overnight hedge received a boost, with its market cap hitting 10.7% of gold.

In terms of the sustainability of the current uptrend, funding rates on all exchanges are high but not unsustainable at the time of writing, with those on Binance actually lower than on Monday.

Chart of BTC funding rates. Source: Coinglass