PABAGU -new run on Bitcoin Sunday, likely to be led by institutions, could lead to BTC prices on new record highs
Bitcoin (BTC) enjoyed the weekly dose of volatility on Sunday, rising to nearly $ 107,000, before it certainly returned to $ 102,000.
The crypto market usually experiences a bump in volatility this time this week as it coincides with the opening of the CME futures market, which takes a while to re -engage in lower liquidity 24/7 crypto markets.
This weekend is slightly different. While above the price action will decrease as a decline from a major resistance level, Bitcoin has now failed in three attempts. The BTC had previously sparked the CME, indicating that the price action was led by institutional businessmen as opposed to retail businessmen.
Over the past few months CME has often opened less than the closed this Friday, creating a “space” on the chart, which did not happen this week. As the price whiplash around this $ 5,000 range, the transfer Wiped the liquidity on both sidesCreating a relatively important point of inflection.
Today, market depth up to $ 110,000 is minimal compared to the limitations of orders lining the book up to $ 100,000. This means that any reversible thrust is likely to release this level and see the bitcoin trade on a new high record.
However, it is worth considering the other side of the coin. It is also worth noting that the price action of Sunday night is a common stopping stop, which involves entrepreneurs who target a zone where those in the short position want to come out, thus creating an impulse to buy pressure as short entrepreneurs for sale to buy their position.
This approach often takes place next to entering a larger position. For example, if a BTC businessman wants to have a risk of tolerance of 4%, it would be worthwhile to open that position to $ 107,000 with a stop of $ 111,280 compared to $ 105,000 to stop at $ 109,200. Astute entrepreneurs can secure entry by assessing liquidity levels and forcing short closing positions, which has temporarily raised the price to a good entry.
Either way, with today’s liquidity that is relatively low around the record highs, Bitcoin is a catalyst that catalysts away from the awaited reversal thrust, and potentially fresh short positions to $ 107,000 can finally provide bullets to break.
