The «skies are clear» for new discoveries of the price of Bitcoin if the gigantic wall of sale at $ 70,000 is scaled
There is a race to outpace competition among institutions, but serious resistance remains near new all-time highs.
The price of Bitcoin (BTC) is holding on to $ 68,000 on November 9 after traders declared it «clear for take-off» and ready to start discovering more prices.
Bitcoin Price Approaches «Finex Great Wall»
Data from Cointelegraph Markets Pro and TradingView has tracked a second night of impressive gains in a row for the BTC / USD pair.
The pair spent most of Sunday near $ 62,000, but is now up a total of 11.4% in just over two days, including a new all-time high of $ 68,564 on Bitstamp.
«BTC has reached the highest weekly close in its history after consolidation. We have a clear path to take off,» predicted popular trader Pentoshi at the start of the week.
Filbfilb, co-founder and analyst at trading platform Decentrader, also drew on existing bullish convictions, noting that Bitcoin was now tackling what he called the «Great Wall of Finex,» a large wall of selling on the surrounding Bitfinex exchange. of USD 70,000 which contrasts with the recent accumulation of whales.
If this wall is broken, the upside potential increases considerably. End-of-the-month predictions of up to $ 98,000, which a few days ago were considered nearly impossible to reach, are back on the table.
The price of bitcoin has consecutively reached:
– Historical maximum of monthly closing ✅
– Weekly closing historical maximum ✅
– Daily closing historical maximum ✅
The sky is clear for a new round of price discovery
2021, while closely tracking the behavior seen in the 2013 and 2017 bull markets, is still comparatively modest when contrasted with the speed of gains that followed the previous two halvings.
Investors «try to get orders» for more BTC
Institutional demand for Bitcoin, even at all-time highs, shows no signs of abating before a potential exchange-traded fund (ETF) is launched at a spot price in the United States.
«The price of Bitcoin is about to hit $ 70,000,» SkyBridge Capital CEO Anthony Scaramucci added on Tuesday, hinting that he was still a buyer in the market.
«The great institutional demand has finally arrived. Trying to receive orders before 2022.»
In an inflationary environment, Bitcoin’s appeal to gold as a hedge received a boost overnight as its market capitalization reached 10.7% that of gold.
As for the sustainability of the current rally, exchange funding rates are high but not unsustainable at the time of writing, and Binance’s are lower than Monday.