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.
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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.”
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.”
