Bitcoin exchanges above $59,000 have “almost no supply”, giving the green light to price discovery

Bitcoin (Bitcoin) Not only is it free to soar to current historical highs, but it can also be surpassed, analysts said.

analyze Order data On October 15, monitoring resource Whalemap showed that Bitcoin had broken through all major resistance levels.

Bitcoin has been born out of nothing

It hits $60,000 for the first time since April, and there is a good chance that it will hit an all-time high-and these time frames are getting smaller and smaller.

Now, by looking at the trading conditions, you can see how easy it is for BTC/USD to jump into the unknown territory above $64,500.

“Price discovery will begin soon,” Whalemap commented on a chart showing BTC supply levels by price.

“There is almost no supply for prices above 59,000.”

Bitcoin supply and BTC/USD chart.Source: Whale Map/Twitter

Short-term squeeze or resistance at $64,000?

The only remaining obstacle is the selling wall at the current high, which has been offset by bullish data about the origin of the current bull market phase.

related: Think that $60,000 is the highest?This Bitcoin fractal indicates that it is the bottom of the next bear market

According to Ki Young Ju, CEO of the on-chain analytics company CryptoQuant, Bitcoin’s recent price spike is not the result of speculators or shorts being “squeezed out” — it is a large number of buyers on derivatives platforms.

This clearly distinguishes Q4 from the early stage, especially the stage that will create a record high from the beginning of 2021.

Therefore, the classic “short squeeze” scenario, that is, the short position is eliminated in the cascading price structure, and it has not even occurred.

“The large number of BTC purchase market orders on derivatives exchanges did not come from short liquidation,” Ki wrote in a report. Blog post on Friday.

“This shows: 1/So far, no large short positions have been liquidated. 2/Since the decline, the whales have sold long positions.”

Chart of Bitcoin Derivatives Exchange Short Liquidation Ratio. Source: CryptoQuant