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NewsBTC 2021-11-08 21:58:20

Bitcoin Cemented At $60K? Why BTC Could Smash All Resistance

Approaching its all-time high above $67,000, Bitcoin sits at profits across the board. The benchmark crypto took off yesterday moving from the low of its current levels and destroying all opposition to trade at $66,428, as of press time. The general sentiment in the market seems to have flipped bullish once more after a week of sideways price action. This consolidation time period appears to have given bulls enough impulse to taken on its next major resistance at $67,000. Related Reading | S2F Creator PlanB Believes In $98k Nov Target For Bitcoin In low timeframes, as seen below on Material Indicator’s Fire Chart, BTC’s price is accumulating support at $65,000, after this level turned from resistance to support. The chart uses CVD data to determine the buying/selling pressure across multiple price levels. At $67,000, there is around $33 million in ask orders that represent the bulls’ biggest obstacle to place Bitcoin back into price discovery. Similarly, at $65,000 there are around $16 million in bids orders that could operate as good support for the short term. Additional data provided by Material Indicators register a spike in buying pressure from whales and medium size investors. This data is supported by research firm Santiment, as the chart below shows, addresses with over 10,000 to 100,000 BTC accumulated over 43,000 BTC in the past 5 days resulting in more fuel for Bitcoin. 🐳 #Bitcoin made a major leap in the earl...