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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 Returns To $60K, What’s Holding Off From New ATHs?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
El Salvador's Legislative Assembly Green Lights The $150 Million Bitcoin Trust

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At the time of writing, Bitcoin has smashed its way through the $60,000 resistance and seems ready to take on new highs. The first cryptocurrency by market cap records a 11.6% and 4.2% profit in the weekly and daily charts, respectively.

Bitcoin BTC BTCUSD
BTC rejected from the $60k zone in the daily chart. Source: BTCUSD Tradingview

Pseudonym analyst Pentoshi expects Bitcoin to entered uncharted territory in the near future. As he pointed out, BTC’s price was capable of breaking out of its macro low high by forming a new trend.

Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

As seen below, Bitcoin has created an important support at the $50,000 levels with a two potential targets for Q4, 2021. The first located at $70,000 and the second at $85,000.

https://twitter.com/Pentosh1/status/1449020343063097349

Bitcoin Gets Stronger As The Bulls Take Over

Data provided by analyst William Clemente in a report by Blockware Intelligence paints a bullish picture for Bitcoin. Less than 1% of BTC’s supply has been move above current levels.

Therefore, the report claims there is “very little resistance or overhead supply to the upside”. The Bitcoin Entity-Adjusted Spent Output Profit Ratio (SPOR), a metric used to measure realized profit and loss for holders, sits well above 1.

As seen below, the last time this metric stood above 1 or higher was during April 2021 when Bitcoin was trading in its all-time high of $64,500.

Bitcoin BTC BTCUSD
Source: Glassnode via Blockware Intelligence

There is some significant movement in the derivatives sector with the potential approval of a BTC Exchange Traded Fund (ETF) in the U.S. As reported by NewsBTC, this possibility is one of the reason the market has flipped bullish.

Related Reading | Bitcoin Futures ETF Is Coming, No SEC Opposition

The report expects that the BTC ETF approval to create new opportunities for institutional investors to enter the crypto market, suggesting fresh capital coming in, to take a “non-directional position in the Bitcoin market”.

Thus, institutions will be able to profit from the arbitrage created between the spot and futures market.  In addition, the Futures Annualized Rolling Basis indicates more upside pressure, as the report said:

This means less convexity to the downside and shorts are more likely to be squeezed as they no longer have an inadvertent hedge via their collateral. I suspect that this will reverse once breaking all time highs but we’ll keep an eye on it.

Bitcoin BTC BTCUSD
Source: Glassnode via Blockware Intelligence

Bitcoin Whales Drive The Trend

On-chain activity has followed the bullish momentum in Bitcoin with an increased in large transactions and trading volume over the past 30-days. A quick look at explorer mempool.space shows a rise in transactions fees over the past 24 hours.

Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K

However, as the analyst said, whales are dominating the market as suggested by the lack of rise in google searches related to cryptocurrencies and on-chain metrics, the report said:

(…) we’ve actually seen the 100-1K cohort offset their selling by over 1,000 BTC in that time period. Overall, conclusion is that large buyers have indeed been active in the market

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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

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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