The Sky is the Limit for Bitcoin Price Discovery if the Coin Scales the $70K Sell-wall

It’s all systems go as the rush to stay ahead of the competition among institutions begins. However, serious resistance is still on the table with new all-time highs. As of Nov. 9, Bitcoin held its position at $68,000 after traders rallied behind the coin and declared it ready to maintain an upward trajectory.

BTC/USD 1-hour candle chart (Bitstamp). Obtained From: TradingView

 

Bitcoin Getting Closer to the “Great Wall of Finex”

TradingView data shows some impressive gains for the BTC/USD pair in the beginning of the second week of November, 2021. After spending most of Sunday at $62,000, the pair is up by 11.4% in just two days and even hit a new all-time high of $68,564 on Bitstamp.

As the week began, Pentosh1, a popular BTC trader forecast that, “BTC highest weekly close ever after consolidation. We are clear for take-off.”

The co-founder and analyst at trading platform Decentrader, Filbfilb, also touched on the existing bullish convictions, claiming that BTC was now scaling what he called the Great Wall of Finex – a sell wall on the Bitfinex exchange circling the $70,000 mark, contrasting the recent heavy whale accumulation. Filbfilb also tweeted about the positivity seen in recent days, claiming that: “So many charts are at differing points of potential breakout, from accumulation to price discovery.”

Bitcoin is experiencing more upside potential despite some parties going against the $98,000 end-of-month predictions aired a few days ago. Most said that this was almost impossible to achieve but now the same talks are coming back to the table.

When one compares the 2021 bull market to 2013 and 2017, it seems a little bit modest, especially when comparing the velocity of gains that followed BTC’s two previous block subsidy halvings.

An Increased BTC Demand

The institutional demand for BTC is not set to go down any time soon and is experiencing all-time highs ahead of an incoming spot price exchange-traded fund (ETF) scheduled to launch in the United States.

The CEO of SkyBridge Capital, Antony Scaramucci added on Tuesday that the $70K price was on the horizon. The titan hinted that he was still a buyer in the market by claiming:

Trying to get in orders before 2022.”

 

Bitcoin vs. gold chart. Obtained from: Woobull

In the midst of an inflationary environment, the cryptocurrency’s appeal over gold as a hedge received an overnight boost, hitting 10.7% of gold’s market capitalization.

Image courtesy of pixabay

Edwin Kinoti

Edwin Kinoti

Edwin is a naturally curious person with a deep interest in blockchain, finance and new tech, fields which he dedicates his time to researching and documenting.