How Bitcoin back above $60,000 could create more upside move

News BTC

After a consolidation phase spread over the last few weeks, Bitcoin is trading back above $60,000. With 3% gains in the daily chart, at the time of writing, and 2% profit in the weekly chart BTC still looking for confirmation on its rally.

BTC with bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview

As it approached its all-time high zone, the funding rate for BTC’s futures market across all exchanges took an explosive jump towards 0.14%. Meaning there are higher incentives to take short positions for investors in this sector.

How To Get Free Crypto  

As the chart below shows, this metric remained relatively low (0.03%) in recent days as Bitcoin’s price moved sideways.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Source: Glassnode

However, after BTC’s upward movement, as has happened in recent months, a large number of short positions were liquidated.

Data from Glassnode, shared by Moskovski Capital CIO Lex Moskovski, indicates that in less than an hour, $163 million were liquidated across all exchange platforms.

Source: Glassnode

Trader Adam Mancini is bullish on Bitcoin’s current price action. Setting support at $53,000, Mancini believes the cryptocurrency has been “coiling up” in its past sideways movement. Losing this level could invalidate Mancini’s theory.

The cryptocurrency has formed a “clean bullish triangle pattern”, as shown in the chart belove. And is targeting $75,000 with an upper target at $95,000. The trader said:

Bitcoin in the process of breaking out of this triangle right now – lets see if it can start the leg up to 75k from here.

Source: Adam Mancini

In support of the above, former Goldman Sachs executive Raoul Pal said BTC’s price breaking above its 3-month range could be massively bullish for the cryptocurrency. Pal expects the price to “create a powerful move to the upside” towards $80,000.

Coinbase Banner  

Bitcoin’s fundamentals support further upside move

Per an ARK Invest research conducted by Yassine Elmandjra, Bitcoin’s rally has strong fundamentals. According to Cointime Destroyed, the metric use to measure BTC coming from cold wallets to exchanges sits at an estimated 30% than from the 2017 bull run.

Despite Bitcoin’s price has almost tripe since that period’s ATH at $20,000, investors are keeping a tight grip on their coins. In that sense, Glassnode co-founder Rafael Schultze-Kraft shared Bitcoin’s 3-month Coind Days Destroyed on a downwards trajectory, he said:

This is beautiful. Experimenting with Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin Days Destroyed: Despite $BTC prices above $50k, 3-month CDD at low levels and recently declining. Old hands extremely strong here, HODLers showing conviction and doing what they do best. Doesn’t look like a top to me.

Go to Source
Author: Reynaldo Marquez


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.