What can be expected after a new ATH for BTC?
What can be expected after a new ATH for BTC?
The price of Bitcoin continues to show strength and is traded very close to the all-time highs, with an intra-raday high of around $ 64,600 (on Bitstamp) at the time of this letter.
The spot volume has been increasing for days, which is a sign of strength. The BTC prize campaign was impressive on the day when the futures-supported BTC ETF started trading. In the short term, however, it is important to stay careful because the open interest continues-it is currently $ 14.4 billion. The estimated leverage ratio also remains increased, although the financing rates have dropped to neutral.
Technical indicators of the Bitcoin price
Bitcoin accelerated as soon as the price over the range between $ 57,100 and $ 58,300, which was previously a high technical and on-chain resistance level. The medium to long-term momentum indicators are decidedly Bullish and indicate a clear upward potential in the coming weeks and months.
The Wyckoff battery has finally reached its phase e-mark-up. It is worth noting that the first outbreak in September turned out to be over 52.9,000 as a fakeout and led to massive liquidations, which led to a decline to $ 39.6,000. This formed the "last base", a higher low.
The price of BTC is now trying to achieve a third week of the week in a row over $ 52,900 and add deeper into phase E to your positions.
In view of the current hype about the BTC ETF, the increased open interest and the relatively high estimated leverage ratio, the risk of short-term liquidation event must always be taken into account. In the event of a pullback, the short-term support levels include $ 61.7,000, $ 60,000, $ 57.1,000 and possibly $ 55,000 to $ 52.9.Auf-chain Analysis of the BTC Prize
The impressive spot purchases reduced the reserves by almost 4,650 BTC, which reduced the spot stocking reserves to an all-time low. They have been declining for a week what a bullish signal is and means that BTC is sent away by the stock exchanges.
The stable coin reserves continue to tend down, which indicates that they flow back into the market. The StableCoin offering-which measures the BTC market capitalization to the entire StableCoin market-has increased, which is also a historically interest bullish signal.
The overall remedy Coin also tends to the age (MCA) despite the light distribution. We see a certain distribution from the 3 to 5-year and 12 to 18-month cohort, but overall other groups keep, which means that the MCA increases. We can also expect the distribution trend to start either shortly before or after a new all -time high.
in 2013, during the house, we saw how this trend started before BTC climbed over the previous cycle high. Long -term owners will be poured out at some point and it is important to follow when it begins, as well as the rate of this distribution.
macro perspective
The SPX closed over 4488 and 4500-two important level of resistance, which further indicates that the risk-on trade returns. This could give BTC a macroeconomic tailwind towards the fourth quarter.
The dollar remains under an important technical level and tends down. Meanwhile, money continues to flow from long -term bonds, which shows that the capital rotates back in shares and possibly towards BTC.
As we have already reported, the winning season begins, which could reveal certain large Bitcoin purchases on behalf of large companies-this could act as an important catalyst for the bull market.
In general, the bulls have control and possible market cleanup is likely to be bought.
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