Bitcoin receives the green light for pricing with “almost no offer” on the exchanges

Bitcoin (BTC) can now not only soar to its current all-time high, but beyond, say analysts.

analysis Order book data On October 15, the resource tracker Whalemap revealed that Bitcoin broke all major resistance levels.

Bitcoin has vanished into thin air

With $ 60,000 hitting for the first time since April, the odds are at an all-time high – and the timeframe for that is shrinking.

A look at exchange rate conditions now suggests that BTC / USD will easily jump into uncharted territory beyond USD 64,500.

“Pricing will start very soon,” commented Whalemap on a chart showing BTC supply by price.

“With prices over 59,000, there is hardly any offer.”

Shortcut or resistance at $ 64,000?

The only remaining hurdle is a selling wall at the current highs, which has been offset by bullish data on the origin of the current bullish phase.

Related: Do You Think $ 60,000 Is Top? This bitcoin fractal shows that this is the next bear market low

According to Ki Young Ju, CEO of online chain analytics firm CryptoQuant, the recent rise in the price of Bitcoin is not the result of speculators or short sellers being “squeezed out” – but rather people buying large amounts on derivatives platforms.

This makes a clear difference for the fourth quarter from previous periods, especially this period which produced all-time highs from early 2021 onwards.

A classic “short squeeze” scenario, in which the bears are wiped out in a cascading price structure, has not even occurred.

“The massive BTC buy orders in the derivatives exchange market did not come from short-term liquidations,” Ki wrote in a blog post on Friday.

“This shows: 1 / So far no large short positions have been liquidated 2 / Whales have been long positions since the decline.”