Bitcoin lang Blew past $ 113,800 on Thursdaysetting a new high time. The oldest digital asset has been torn in the last few months – and almost double the last year, up from $ 57,899 a year ago today.
CoinDesk analysts and industry experts watch closely to see if bitcoin
It could increase to $ 120,000, or if this week’s price action was just an ephemeral gasp.
Helene Braun, CoinDesk Markets reporter (19:12 UTC): Crypto -related stocks are on fire, with crypto exchanges such as robinhood (Hood) and Coinbase (Coins) Increasing by more than 3% on Thursday. Meanwhile, miners like Hut 8
Bitfarms (Bitf)And Hive Digital is over 4%. Notably, the Stablecoin Issuer Circle (CRCL)The hottest new Crypto IPO stock, is up to 0.4%.
James Van Straten, CoinDesk Bitcoin analyst (18:55 UTC): The second half of the 2021 bull run is concentrated and driven by derivatives. It had a 50% hash rate correction, and all on-chain metrics were Bearish, including us incoming Fed rate increases for the first time. The market cycle is completely different from a new buyer in the market, a new Fed seat that potentially goes into cuts and a Crypto-Pro US president. Also, don’t forget the Swath of Bitcoin buying treasury companies.
Oliver Knight, co-leader of Coindesk data and tokens (18:55 UTC): Net accounts are still short (CoinDesk’s Omkar Godbole mentioned that this is an indicator of retail). It is interesting -friendly, as in previous cycles, we have a retail euphoria, but not much time at this time.
However, while on top of a record high for Bitcoin is almost definitely bullish, a number of technical indicators that paint a different picture: the daily RSI now has made three lower highs, an example of bearish variation indicating that the move may be short lived. The amount of trade has also dropped since the first record high in January, and the BTC is still below their -their record highs against EUR and GBP, which indicates the weakness of the dollar in the BTC strength.
Also, the trading firms I talk to are bearish, but it is worth noting that they are also bearish from BTC’s $ 30K to $ 70k run at the last top of the cycle.
