Analysts said Bitcoin (BTC) is now free to climb not only to its current heights, but beyond.
An analysis of the order book data for October 15 showed Whalemap that Bitcoin had already broken through all major resistance levels.
Bitcoin is already moving in a vacuum
With the $ 60,000 hitting for the first time since April, the chances of new highs will ever persist, and the time frame for those levels is getting smaller.
Now, a look at the exchange rates reveals how easy it is for BTC / USD to jump into unknown territory at over $ 64,500.
“Pricing will start very soon,” commented on a Whalemap chart showing BTC’s bid at a price.
“There are practically no offers with prices higher than 59K.”
See Bitcoin vs BTC / USD Chart. Source: Map of Whales / Twitter.
Resistant to short compression or impact at $ 64,000?
The only remaining obstacle is a selling wall at current highs, which is offset by upbeat asset data at the current stage of the rally.
On the subject: Do you think $ 60,000 is the best option? This Bitcoin fractal indicates that this is the bottom of the next bear market.
According to Ki Yong Joo, CEO of cross-chain analysis firm CryptoQuant, the latest rally in bitcoin prices is not the result of a “squeeze” of speculators or sellers of large buyers on derivatives platforms.
This sets the fourth quarter sharply apart from previous phases, especially those that hit record highs since early 2021.
Thus, the classic “short squeeze” scenario, in which bears are eliminated on a subsequent upward price structure, has yet to materialize.
“Huge orders to buy bitcoins on derivatives exchanges are not short liquidations,” Key wrote on his blog on Friday.
“This means: 1 / No major seller has liquidated 2 / Long whales since the fall.”