Resistance is thinner than ever, while data leaves the market guessing about what will happen when Bitcoin revisits $64,500 all-time highs.

Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K

Bitcoin (BTC) is now free to surge not only to existing all-time highs but beyond, analysts have said.

Analyzing orderbook data on Oct. 15, monitoring resource Whalemap revealed that Bitcoin had already beaten all major resistance levels.

Bitcoin is already moving in thin air 

With $60,000 hitting for the first time since April, the odds are on for new all-time highs — and the timeframe for these keeps getting smaller.

Now, a look at exchange conditions shows just how easily BTC/USD should jump into uncharted territory beyond $64,500.

“Price discovery shall commence very soon,” Whalemap commented on a chart showing BTC supply levels by price.

“Almost no supply at prices above 59k.”

Bitcoin supply vs. BTC/USD chart. Source: Whalemap/Twitter

Short squeeze or resistance slap at $64,000?

The only hurdle left is a sell-wall at the current highs, something which has been countered by bullish data about the origins of the current bull run phase.

Related: Think $60K is the top? This Bitcoin fractal suggests it’s the next bear market bottom

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, Bitcoin’s recent price surge is not the result of speculators or shorts being “squeezed” out — but large-volume buyers on derivatives platforms.

This firmly differentiates Q4 from earlier phases, notably that which produced the all-time highs from the start of 2021 onward.

As such, a classic “short squeeze” scenario, where bears are wiped out in a cascading ascending price structure, has yet to even happen.

“Massive BTC buying market orders in derivative exchanges are not from short liquidations,” Ki wrote in a blog post on Friday.

“This indicates: 1/ There are no big short positions liquidated so far 2/ Whales punted long positions since the dip.”

Bitcoin derivative exchange short liquidations ratio chart. Source: CryptoQuant

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Please, do your own research (DYOR). This cryptocurrency market analysis post was culled from Cointelegraph


2021-10-15T13:25:00+00:00October 15th, 2021|Crypto News|Comments Off on Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K

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