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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Thanksgiving Gift, Why BTC Heads For Fresh Rally

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin

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Bitcoin has been trading on the green side this Thanksgiving morning with a 4.1% profit in the 24-hour chart. Approaching a critical resistance level, BTC’s price stands at $59,042 and could see more appreciation in the short if it manages to flip $60,000 to support.

Bitcoin BTC BTCUSD
BTC trends to the upside in the 4-hour chart. Source: BTCUSD Tradingview

Bitcoin has been rangebound for the past week with low volatility for the most part as the price was rejected close to $60,000 on Monday. According to QCP Capital, an institutional investor is most likely responsible for the price action and suppression of any serious momentum on BTC’s price rally attempts.

Related Reading | TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery

This institutional investor has been increasing selling pressure when Bitcoin attempts to reclaim previous highs, the firm noted. QCP Capital suspects this player or players could be pushing BTC’s price down to place bearish put options on Bitcoin and Ethereum.

In that sense, the general sentiment in the market has taken a dive as NewsBTC reported. Most operators have gone into fear mode but could enter extreme fear if the selling pressure causes Bitcoin to break further down. QCP Capital added:

We are betting that the market will consolidate instead of breaking lower. So we are taking the opportunity to short vols in BTC and ETH as well as take profit on our downside risk reversal position and flip to a topside skew.

As of press time, Bitcoin’s current rally into $60,000 seems fairly strong with support in the $55,000 to $58,500 area. According to the In/Out of the Money Around Price metric, over 3 million addresses bought 2 million BTC on these levels.

#Bitcoin on stable support! 💪@intotheblock's IOMAP shows that more than 3.41M addresses acquired nearly 2M $BTC between $55,000 and $58,500.

Such a massive demand barrier is more significant than the few supply walls ahead, so #BTC downside potential appears to be capped. pic.twitter.com/uwQOpprsAA

— Ali (@ali_charts) November 25, 2021

A Great Capitulation Before A New Bitcoin Rally?

Jarvis Labs’ analyst Ben Lilly recently tried to answer the question that seems to be in every trader and investors’ mouth: has the Bitcoin bull-run ended? As seen below, BTC’s price bullish momentum is valid as long as it stays above $43,000.

Source: Jarvis Labs via Ben Lilly

In support of the bullish thesis, Jarvis Labs records heavy institutional demand for Bitcoin. Historically when BTC sees these levels of an accumulation from large investors, future price action experiences a strong push to the upside.

Bitcoin BTC BTCUSD FTX
Source: Jarvis Labs via Ben Lilly

Conversely, when BTC sees low demand from whales, it suggests a cycle has been reached. Ben Lilly added on the whale accumulation pattern for the past week:

(…) whales are starting to step in. And this change will likely be reflected on the 30-day chart in a couple weeks.

However, Jarvis Labs has been warning about the behavior in the Bitcoin derivatives sector during November. Funding rates across this sector have stayed highly positive and although they have decreased with the recent trend to the downside, they still suggest the market is overheated.

Related Reading | TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K

Therefore, another retest of the lows and a full market reset seems to still be in the cards. This could be the final sacrifice for Bitcoin to reach a new all-time high in 2021.

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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

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Ad discliamer

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