Bitcoin Stands in the Last Resistance Zone, staring at the ATH level of $64,800

Bybit
Bitcoin Stands in the Last Resistance Zone, staring at the ATH level of $64,800
Coinmama


After setting an all-time high (ATH) price of $64,800 in mid-April, Bitcoin (BTC) experienced a sharp correction a month later to hit lows of $30K amid intensified crypto mining crackdown by Chinese authorities.

Nevertheless, the leading cryptocurrency has been able to pick up the pieces because it is 11% away from the ATH price. BTC was up by 1.72% in the last 24 hours to hit $57,549 during intraday trading, according to CoinMarketCap.

Market analyst Will Clemente believes Bitcoin stands at the last zone of resistance as it eyes the record high area. He noted:

HashFlare

“BTC is at the last zone of resistance. Pretty much see this playing out two ways: 1. We just swiftly move to ATHs 2. Market-cap/OI and funding increase aggressively, perps get too bullish, we get a shakeout before moving to ATHs.”

Image

Consultancy and educational platform Eight echoed these sentiments and stated:

“BTC is currently facing the $57200-59300 area of resistance which could be the last big hurdle before a push towards a new ATH.”

Image

Bitcoin entities increase their holdings

According to Clemente:

“We’re finally starting to see entities with 100-1K BTC increase their holdings again. These entities have offset the decrease in holdings of whales over the last month by 948 BTC. In the last 30 days: – Whales holdings (>1K) down 60,597 BTC – Entities with 100-1K up 61,545.”

Image

Therefore, these entities have been buying and this explains why BTC price has been on an upward trajectory.

On the other hand, Bitcoin investors in profitability recently rose to 94.3% from the lows experienced in September. 

Meanwhile, the BTC futures market is in a healthy contango, indicating that price might surge even further. 

Image source: Shutterstock



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*