Bitcoin (BTC) seems to be now free to surge to exceed the current all-time highs, according to some analysts. Resistance is now thinner than ever, as data leaves the market guessing on what will come next once BTC revisits the $64,500 all-time highs.
While analyzing orderbook data on October 15, the Whalemap monitoring resource tool indicated that Bitcoin has beaten all major resistance levels. the flagship crypto might be already moving in thin air. After hitting $60,000 briefly for the first time since April, the odds are now on for new all-time highs and the timeframe for these levels keeps getting smaller.
A review of the crypto exchange conditions proves that Bitcoin has the potential to easily spike into uncharted waters above $64,500. Whalemap commented on a chart that shows Bitcoin supply levels by price.
“Price discovery shall commence very soon. Almost no supply at prices above 59k.”
A Short Squeeze Or Resistance Battle At $64,000?
For now, the only hurdle that is left is a sell-wall at the current highs, something that has now been countered by bullish data explaining the origins of the current bull run momentum.
Based on a statement by the CEO of on-chain analytics firm CryptoQuant, Ki Young Ju, BTC’s recent price spike is not a result of speculations or shorts getting ‘squeezed’ out; but instead, it is powered by the large-volume buyers that are flocking the derivatives platforms.
This scenario majorly differentiates Q4 from the earlier phases, even the bull run that produced the current all-time highs from the beginning of this year onwards. At the time of publication, Bitcoin has surged towards $60,300 with a move higher believed to be imminent.
In that context, a classic “short squeeze” scenario, where the bears get wiped out in a multiple cascading ascending price formation, is yet to happen. Ki wrote in a blog post on October 15, 2021:
“Massive BTC buying market orders in derivative exchanges are not from short liquidations. This indicates: 1/ There are no big short positions liquidated so far 2/ Whales punted long positions since the dip.”