If the $70,000 BTC sales wall is expanded, the Bitcoin price will find a “clear sky”


Bitcoin (BitcoinAfter traders announced that they were “ready to take off” and were ready to begin further price discovery, the price remained at $68,000 on November 9.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is approaching “Finex Great Wall”

Data from Cointelegraph Markets Pro with Transaction view BTC/USD recorded impressive gains for the second consecutive night.

The pair spent most of Sunday at a price of close to $62,000, but now it has risen by 11.4% in just over two days – including a record high of $68,564 on Bitstamp.

“BTC’s highest ever weekly closing price is after the integration. We are well aware of the takeoff,” popular trader Pentoshi forecast As the week begins.

Filbfilb, the co-founder and analyst of the trading platform Decentrader, also built on existing bullish beliefs and pointed out that Bitcoin is now solving what he called the “Finex Great Wall”-the large-scale sell wall on the Bitfinex exchange is about $70,000. , In sharp contrast with the recent sharp rise. Whale accumulation.

Break this point, and further upside potential will be greatly increased.Month-end forecast Up to 98,000 USD, Announced just a few days ago that it was almost impossible to achieve, and at the same time returned to the negotiating table.

In 2021, at the same time Follow closely The behavior seen in the bull market in 2013 and 2017 is still relatively modest compared to the rate of return of Bitcoin after the two previous block subsidies halved.

Investors “try to get more BTC orders”

Institutional demand for Bitcoin, even at historically high levels, shows no signs of abating before the possible spot price exchange-traded fund (ETF) emission In the U.S.

related: As ETH approaches $5,000, Ethereum returns to price discovery

“Bitcoin will rise by $70,000,” SkyBridge Capital CEO Anthony Scaramucci Add to On Tuesday, it was hinted that he was still a buyer in the market.

“The demand for large institutions is finally here. Strive to get the order before 2022.”

Bitcoin and gold chart.Source: Wuble

In an inflationary environment, Bitcoin’s attractiveness to gold as a hedging tool Got a boost Overnight, its market value reached 10.7% of gold.

Regarding the sustainability of the current rise, Funding rate At the time of writing, the trading volume on various exchanges is high, but not unsustainable, and the trading volume on Binance is actually lower than on Monday.

BTC financing rate chart. Source: Coinglass