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Bitcoin (BTC) support at $60,000 strengthens the hand of long-term investors and calls for HH levels. When will it be the most important here? Analyst William Suberg listed 5 factors for the answer.

What happened in Bitcoin price?

BTC price is having a week to test the $60,000 support, despite pushing the ATH level to $67,000. After a classic Market plunge, the bulls took control and managed to keep BTC price from bottoming out. While Bitcoin’s ATH level has seemed distant since April, now investors are eager to see where the price might go.

While some forecasts predict yellow prices to reach $300,000 by 2022, we take a look at five factors that could shape the BTC price movement series in the coming weeks…

Bitcoin (BTC) “brutal spot bid”

Inflation continues to bite markets, and even the US Federal Reserve admits it could go on for much longer. Discussions in the crypto community also continue regarding the taxation of unrealized gains. However, beyond rising commodities, the picture is cooler when it comes to Bitcoin price triggers, as a divergence from macro movements has already characterized BTC/USD.

Prior to the launch of the third Bitcoin futures exchange-traded fund (ETF) on Monday, more attention is being paid to gold and traditional ETFs and the threat Bitcoin poses to them. Charles Edwards, CEO of investment firm Capriole, said in a statement last week:

If CME open interest has jumped to #1 globally in a matter of days this week, if that’s not a barometer for massive corporate interest, I don’t know what is.

Edwards has previously said that futures-based ETFs will provide a “brutal spot offering” on Bitcoin, countering concerns about the overall potential of the tool.

https://twitter. com/ki_young_ju/status/1452541612161069058

Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, adds that when looking at futures volumes, each $60,000 fight is accompanied by large turnouts. The consequences that can be drawn from Bitcoin’s bull cycles point to more…

Following the 2017 bull run

Classically, on a weak Sunday, Bitcoin was bullish on Monday this week as it rallied above $62,000. Last week saw a 10% drop from the ATH level of $67,100 and the April high of $64,900 provided almost no support. However, when bearish calls began to emerge, Bitcoin (BTC) was in no mood to leave the new trading zone. Even though the analysis claims that even $50,000 will still constitute solid price action.

Weekly close failed to challenge a massive buy wall just under $60,000 and provided further relief. Cryptocoin. com, Michaël van de Poppe, who we share the analysis with, said in his latest update on Monday morning, “So far so good” and said that Bitcoin is the way to $ 90,000.

The schedule for such a goal has been extended this month. For Van de Poppe, this will come only later, in the first quarter of next year, as opposed to six-figure forecasts with a much lower timeframe. October is estimated to end at around $63,000, meanwhile, uncharted territory remains for the last two months of 2021, the analyst said.

For popular analyst TechDev, Bitcoin is still repeating its 2017 price action with almost uncanny accuracy. This would suggest much higher price levels before the end of the year, in line with December 2017 highs.

https://twitter. com/TechDev_52/status/1452448372162433026

VanEck ETF gearing up for Monday launch

Another week, another reason to be bullish in institutional investing as Bitcoin sees another exchange-traded fund (ETF) go live. This Monday, it was VanEck’s turn, which has become almost a household name in cryptocurrency circles thanks to years of trying to launch a Bitcoin ETF product. Like last week’s offerings, VanEck’s Bitcoin Strategy ETF (XBTF) will feature Bitcoin futures, increasing competition ahead of the first regulatory decision on physical ETFs next month.

XBTF will have a 0.65% management fee and will begin trading as the third Bitcoin futures ETF in the US market. VanEck also plans to launch a physical ETF with the Securities and Exchange Commission as its fate decides on Nov. Despite mixed views on the overall utility of futures-based ETFs, ProShares’ pioneering U.S. debut saw an almost unprecedented rise last week. The second one from Valkyrie was calmer. “We see that Bitcoin is on its way to trading like gold,” Bloomberg senior commodity strategist Mike McGlone said on Bitcoin’s launch day.

He also referred to the rags-to-riches transformation that accompanied gold when it first ticked its own US ETFs in the early 2000s. At the time, the first gold ETF, SPDR Gold Trust (GLD), like ProShares, had raised over $1 billion in the first three days of its trading in November 2004.

No major stock market sales

Stock markets are a key focus in the current market conditions, as the macro trend of reduction in bitcoin supply slows. During bull runs, bulk BTC inflows into exchanges tend to mark the price point at which kidollarseers are planning to sell, and thus the highest possible price. More broadly, however, the amount of Bitcoin held on exchanges is falling, and this has accelerated since the May price drop.

According to the latest data, it now appears that Binance has split from other major platforms this month and has seen BTC entries in its order book, with most of the rest continuing to drop reserves. Running to new all-time highs for BTC/USD resulted in a slight increase in BTC levels overall, but this is negligible given the overall bearish trend.

Hodlers are known to have little interest in selling previous all-time highs in such a short period of time and it is assumed that institutional buyers do not plan for quick sells immediately after taking the risk.

Derivatives exchanges saw particularly active buying last week.

The sensitivity is changing!

Crypto market sentiment is once again shifting, but unlike earlier in the month, investors are being cautious. According to the Fear and Greed Index, unsustainable optimism in the “Uptober” is no longer the mood when it comes to Bitcoin or altcoins. Having hit “extreme greed” last week, the Index faded at 72/100 on Monday – in line with BTC price action, which simply meant “greed.”

This level has clustered in various times over the past three months, reinforcing the feeling that a “reset” has occurred for the feeling that Bitcoin is still at $60,000. Given that the classic cycle peak corresponds to a Fear and Greed score of 95/100 or more, this means that further rise in price – if slow enough – could continue for much longer.


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