Bitcoin (BTC) price clings 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”
The data by Cointelegraph Markets Pro and TradingView they have 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”, forecast the popular trader Pentoshi at the start of the week.
Filbfilb, co-founder and analyst at the Decentrader trading platform, also built on existing bullish convictions, noting that Bitcoin was now tackling what he called the “Great Wall of Finex.”, a large wall of sale on the Bitfinex exchange of around $ 70,000 that contrasts with the recent buildup of the whales.
If this wall is broken, the upside potential increases considerably. The end-of-month predictions of up to USD 98,000, which a few days ago were considered almost impossible to reach, return to the table.
The #bitcoin price has consecutively set:
– All-time high monthly close ✅
– All-time high weekly close ✅
– All-time high daily close ✅Skies are clear for a new round of price discovery pic.twitter.com/5lqywzbnwi
– Dilution-proof (@dilutionproof) November 9, 2021
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 monitoring the behavior seen in the 2013 and 2017 bull markets, remains 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 slowing down 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”, added on Tuesday SkyBridge Capital CEO Anthony Scaramucci 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 an overnight boost as its market cap reached 10.7% of that of gold.
Regarding 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.
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