Is BTC ready for an outbreak after finding support at $ 60,000?
Is BTC ready for an outbreak after finding support at $ 60,000?
The short-term pullback found support at $ 59.5,000 and successfully kept $ 60,000 on a daily-basis basis. The significant rally with increased open interests, high financing rates and debt rates were all signals of caution.
The open interest has consolidated around $ 14.3 billion, and financing has also cooled down to a neutral level. The Leverage Ratio continues to rise and reached a recent high of 0.19, which is close to the high in November 2020.
Technical indicators of the BTC Prize
It is very easy to see that the $ 60k level was kept with a higher thrust. In the short term, the price of Bitcoin reaches higher highs on the hourly chart, but we have to see how BTC reaches a higher low and at the same time holds 60,000 USD.
In the past few days, early bullish divergence has formed. Now it is important to recapture the previous all -time high at $ 64.8,000 in order to confirm that the short -term retreat has been completed.
Auf-chain measured values
The current debt ratio and the overall market structure are similar to those of November 2020. The debt ratio of 0.18 has led to local highs, as in September and April 2021. There is an increased risk if the ratio remains close to 0.18 and 0.20
In November 2020, the Leverage Ratio reached its maximum at 0.20, which resulted in the BTC Prize by 16% before reaching a new all-time high. The current diagram looks similar. BTC managed to easily exceed the previous all -time high, but the increased open interest, the high financing rates and the debt ratio led to a retreat of 11%.
In view of the fact that the overall trend in the fundamental and on-chain indicators remains tight, we should expect an interest bully sequel as soon as the pullback is completed. It is very likely that BTC will reach a low point between $ 60,000 and 53,000-the September highs.
It is also possible that BTC will form a cup-and-handle formation in which the price of previous all-time highs tests again, withdraws and then urges a new high.
In addition, the miners continue to accumulate with reserves of 1.85 million BTC. The medium coin of age reached another high, which shows that long -term owners do not distribute aggressively. Some older coin cohorts sell easily, but there are currently no signs of a distribution trend. This is bullish when you consider that the price of Bitcoin has recently risen over its all -time high and then fell by 11%. Usually we had seen in a bull trap how long -term owners and miners distributed more aggressive while bringing Fomos onto the market.
The data indicate that LTHS and Miner continue to expect that the BTC price will increase and refuse to sell large quantities. It is important to note that in the past they were released during the bull markets. The trend usually begins when the price rises quickly. So it is important to watch him whenever it happens.
The offer is getting thinner, which makes it more difficult for large institutes to accumulate Bitcoin on site. The derivative exchanges have recently recorded large drains, but most of them are probably internally in new cold wallets. Regardless of this, BTC is still in a significant exhaustion of the offer, since LTHS and Miner continue to operate Hodl.
Macro overview of the BTC Prize
The general macrouumbic field continues to promote risk systems, including Bitcoin. The dollar tends downwards after having cracked at 94.47 at the beginning of the month.
The shares continue to record all -time highs, which confirms that the risk -friendly trade will be resumed. The low interest rate environment, the balance sheets of the central banks, which reach new highs, and the loss of purchasing power of the dollar continue to make risk systems desirable, even if shares could be fundamentally overvalued.
The overall trend for fundamental data, technical data and on-chain indicators remains optimistic for the Bitcoin price. It looks well positioned for the fourth quarter, and an increased volatility can be expected.
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