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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Indicators Point to Possible Inevitable Break Above $40K Resistance

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
A bitcoin sitting on top of a computer keyboard with buttons labeled buy and sell

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Bitcoin has been rejected several times after a push north of the $40,000 mark. At the time of writing, BTC trades at $36,621 with a 3.2% profit in the daily and a 31.9% in the weekly chart.

Bitcoin BTC BTCUSD
BTC with a strong rally in the daily chart. Source: BTCUSD Tradingview

The sentiment is growing bullish, as Bitcoin continues to tackle the important resistance at key levels. In addition, data from CryptoQuant points towards bullish indicators.

Despite an increase in BTC inflows to exchange platforms, most of the selling seems to be absorbed by strong buyers. As a consequence, the Bitcoin spot reserves on exchanges are on a downtrend, as the chart below shows.

Bitcoin BTC BTCUSD
Source: CryptoQuant

CryptoQuant claims that this is the “highest outflow level” since Bitcoin has been testing the lows of its current range, around $29,000, and the high levels at $40,000. Therefore, it is possible to assume that BTC’s price could find enough support for a fresh leg-up into previous highs.

On the first pullback after breaking through $30,000 earlier in the year, there was the same peak in outflow volume on the exchanges. We need to see as price breaks new resistance up to the last historial top (…)

This data also suggests that the price could reclaim the previous high without “great demand”, CryptoQuant said. There were similar BTC outflows in mid-July, but the report attributed it to an internal transaction. The recent spike is even higher than the previous outflow indicating

Clearly big players capitulating to liquidity from the bears who were betting on a break of support at $30,000.

Bitcoin BTC BTCUSD
Source: CryptoQuant

Bitcoin To See $50,000 In The Coming Weeks?

A separate report by QCP Capital highlighted that the recent bullish price action occurred despite e-commerce giant Amazon denied the rumors on their alleged crypto payments program. In addition to the high BTC outflows, there has been a spike of flow in the options market.

This spike was recorded during the days before the big rally that took BTC from the low $30,000 to its current levels. As QCP Capital said, there was a wave of call buying with over 2,000 BTC place at 42,000 and 44,000 strikes with 3-week expiries.

In other words, some investors could be betting on more appreciation for the coming weeks. This could be additional fuel for Bitcoin to break out from its current pattern. QCP Capital added:

However, the vol market reacted quite differently this time round with signs of stress to the topside. Unlike the previous rally which only saw front end vols spike while the back-end remained stable, this time back-end vols moved higher tandem with the spike in front-end vols.

For the short term, the firm predicts more resistance in the current levels with a potential TD 9 sell signal for July 29th. During the weekend, the end of the month options expiring could push Bitcoin to the $40,000 and $42,000. If this is the case, QCP Capital expects these levels to hold with a potential extension to the $50,000.

BTC BTCUSD
Source: QCP Capital
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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