Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K

Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K

Bitcoin (BTC) is now free to surge not only to existing all-time highs but beyond, analysts have said.

Analyzing orderbook data on Oct. 15, monitoring resource Whalemap revealed that Bitcoin had already beaten all major resistance levels.

Our top trading bots

Bitcoin is already moving in thin air 

With $60,000 hitting for the first time since April, the odds are on for new all-time highs — and the timeframe for these keeps getting smaller.

Now, a look at exchange conditions shows just how easily BTC/USD should jump into uncharted territory beyond $64,500.

“Price discovery shall commence very soon,” Whalemap commented on a chart showing BTC supply levels by price.

“Almost no supply at prices above 59k.”
Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K
Bitcoin supply vs. BTC/USD chart. Source: Whalemap/Twitter

Short squeeze or resistance slap at $64,000?

The only hurdle left is a sell-wall at the current highs, something which has been countered by bullish data about the origins of the current bull run phase.

Related: Think $60K is the top? This Bitcoin fractal suggests it’s the next bear market bottom

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, Bitcoin’s recent price surge is not the result of speculators or shorts being “squeezed” out — but large-volume buyers on derivatives platforms.

This firmly differentiates Q4 from earlier phases, notably that which produced the all-time highs from the start of 2021 onward.

As such, a classic “short squeeze” scenario, where bears are wiped out in a cascading ascending price structure, has yet to even happen.

“Massive BTC buying market orders in derivative exchanges are not from short liquidations,” Ki wrote in a blog post on Friday.

“This indicates: 1/ There are no big short positions liquidated so far 2/ Whales punted long positions since the dip.”
Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K
Bitcoin derivative exchange short liquidations ratio chart. Source: CryptoQuant
Read on about Cointelegraph
PayPal logs its largest Bitcoin volume since May BTC price crash
Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million on Oct. 20, just as the benchmark crypto rallied toward...
THORSwap closes investment round as cross-chain DEXs take center stage
Cross-chain decentralized exchange THORSwap has concluded a $3.75 million private token sale backed by leading venture funds within the blockchain industry,...
El Salvador ranks third in global Bitcoin ATM installations, data finds
El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.According...
Betting on a Bitcoin bull run? Not in September, BTC price data says
Bitcoin (BTC) may score a new all-time high in 2021, but the odds are that it won’t happen next month.Historical price data confirms that September tends...
Forget Lambos, NFTs are the new crypto status symbol
Not so many years ago, Lamborghinis were the main “flex” for crypto “moon-boys” as token prices reached astronomic valuations. Several high-profile cryptocurrency...
Top 5 cryptocurrencies to watch this week: BTC, UNI, LINK, SOL, XMR
Bitcoin’s (BTC) 43% rally from $29,482.61 on July 21 to $42,316.71 on July 30 has invigorated the bulls who had been sitting on the sideli. After the sharp...
Binance Australia partners with Koinly for tax reports as ATO ramps up compliance
The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased...
Bulls are back, but regulatory fears hamper the DeFi and altcoin recovery
On May 19, the total cryptocurrency market capitalization nosedived by 19% and has since failed to recover to the $1.8 trillion mark. More than 40 days...
Unsure about buying the dip? This key trading indicator makes it easier
When an asset enters a bear phase and the headlines are negative, analysts project further downside, and the sentiment shifts from optimism to pure gloom...
South Korean regulators parley with 20 crypto exchanges
Small and medium-sized exchanges in South Korea had a chance to express some of their grievances with the government during a recent meeting with financial...
51 crypto firms withdraw licensing applications in the UK
Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country.According to...
Cointelegraph Consulting: Aave’s avenue to over $11 billion in TVL
Although Aave was launched in the beginning of 2020, it has experienced significant growth in total deposits and daily deposits since the summer of 2020....
Tether launches on Hermez rollup as Ethereum starts falling behind
Tether (USDT) has now launched on Hermez Network, an Ethereum scalability solution based on the zk-rollup concept. Rollups provide a way of batching or...
How NFTs, DeFi and Web 3.0 are intertwined
While blockchain itself provides the technology constructs to facilitate exchange, ownership and trust in the network, it is in the digitization of value...
Altcoin to Invest: Zcash
Zcash is a cryptocurrency with open source, developed by Zerocoin Electric Coin Company on October 28, 2016. Zcash provides privacy and selective transparency...