Is BTC set to new ATH after the highest weekly closing course ever?
Is BTC set to new ATH after the highest weekly closing course ever?
For the first time in history, we saw Bitcoin a weekly candle over 60,000. This was done on the basis of reports that the first futures-supported BTC-ETF would be officially noted until there is no further interference by the SEC.
It is also important to note that the open interest, the funding council and the estimated leverage ratio have increased in the meantime. This signals that caution is required, especially in view of the possibility that the announcement of the Bitcoin ETF becomes a "sell-the-news" event.
Short-term caution at the Bitcoin Prize
Bitcoin recovered 100 % of the lows of less than $ 30,000 a few months ago - this is a relatively short period of time and a considerable increase. This also increases the leverage and, at least at short notice, increases to caution. In conjunction with the risk of a "sell-the-news" event, it is important to remain vigilant
Before the week, BTC recorded a cleaning of 6.6% and liquidated levered positions worth around $ 600 million. The price recovered immediately and the open interest rose again.
Now it is important to wait for the introduction of the above-mentioned futures-supported BTC ETF and to see how the cryptocurrency develops and reacts to the event. The earnings season also begins this week, which makes it a worthwhile consideration that should be kept in mind.
technical outlook for the price of BTC
There are many options for a technical outbreak about the all-time highs, and the medium to long-term charts remain particularly interest bully.
One of the options is that the price forms a cup-and-hand pattern with a outbreak of over $ 64.8k, followed by an interest bullish baking test, another liquidation event that causes a higher low and then an outbreak to new all-time highs.
It would be very easy to see that the weekly candle over the range closes between 57.1,000 and 58.3,000, which offers serious technical and on-chain resistance. The key span to be taken into account, if there is a severe liquidation event based on a sell-the news event, would be $ 57.1,000 up to $ 52.9,000.
Auf-chain outlook
The cassinese reserves on the stock exchanges have been tending down for a few days. This is an interest bully sign, especially in view of the fact that they tended upwards, since the Bitcoin price tested the resistance between USD 55,000 and $ 57,1000. We also saw the light distribution.
We can assume that long -term owners (LTHS) and Miner begin with the distribution before or shortly after the price has reached a new all -time high. It is very important to monitor your behavior during this time.
At the moment there are no signs of an aggressive distribution, but the greater risk would be an increased open interest and an estimated leverage ratio.
conclusion
It seems that the bulls are currently in control of the overall trend. Regardless of whether there is a market cleanup or not, we can expect a continuation of the housese and new all -time high in the end of this month or in November.
From a macroeconomic point of view, the risk-on trade seems to be resumed, which is a significant catalyst that could give the BTC price additional tailwind. This should also lead to increased volatility in the next few months, since Bitcoin may get into the pricing.
Fundamental key figures and those based on the assessment still indicate that BTC is undervalued, which justifies another upward trend in the current bull run.
At the beginning of the winning season, it is important to keep an eye on the large companies that announce BTC purchases. This would be the next big catalyst for the current bull market and could trigger a new wave of capital to the Bitcoin market.
Short -term market cleanup is possible, but should be followed by a bullish sequel.
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