Bitcoin Bulls “Eating through Order Books,” BTC/USD Path to $60k
Another Bitcoin leg up, another frenzy—a party for the wider crypto trading community.
The beauty of Bitcoin lies more so in its spontaneity.
BTC/USD price movements are sporadic, highly volatile, and upswings can be unprecedented.
At the time of writing, Bitcoin buyers are squarely in charge. Notably, BTC prices are pulling away from late week’s highs and early this week’s consolidation, propping bulls.
Bitcoin Market Performance and Price Status
Technically, the path of least resistance—at least for now, is well defined.
If anything, it is highly likely that Bitcoin prices will rally back to Q1 2021 highs, a level analyst maintain is digital gold’s fair valuation.
Fundamental factors catalyze this price expansion.
Although candlestick arrangements in the daily chart suggest buyers, news from Coinbase and their $500 million purchase in crypto seem to have affirmed bulls’ conviction, subsequently solidifying the uptrend.
Reading from price action in the daily chart, Bitcoin prices are on new H2 2021 highs.
Bitcoin bulls have wholly reversed the shock drop of May 19.
The conspicuous bear bar with high trading volumes defined BTC/USD price action for the better part of Q2 2021.
From an Effort-versus-Results perspective, the reversal and resumption of bulls signal a roundup, prices bottoming up from the quagmire that marked May and June.
Therefore, the resulting trend continuation pattern is possibly the precursor for the retest of H1 2021 highs at $64k.
It is highly anticipated; explaining the confidence—even greed– amongst traders.
Bitcoin “Could Rocket Through $50k.”
Considering the interest—Google searches, fundamentals, and technical candlestick arrangement, Dan Held of Kraken thinks BTC could rocket past $50k.
Bitcoin feels like it could rocket through $50,000.
— Dan Held (@danheld) August 20, 2021
It could happen in the short term, as per Bitcoin daily analysis. The current momentum is high, and the path to $50k—a psychological round number—isn’t impeded with liquidation levels.
The fall of $48k on Friday hinted at the strength of demand and buyers’ conviction.
said screw your algo I'm going to 50k anyway! pic.twitter.com/cTBqhIvPgp
— Don't follow ShardETH B if you hate money (@ShardiB2) August 20, 2021
BTC/USD Destroys an “Ugly Head and Shoulders Pattern”
Caitlin Long is impressed by the uniqueness of Bitcoin and how convectional traditional trading tools don’t apply. Scanning the daily chart, she discovers that Bitcoin bulls nullified what would be an ugly head and shoulders pattern now that prices are galloping higher at the back of high trading volumes.
IT'S INCREDIBLE how #bitcoin destroyed what had set up to be an UGLY "head&shoulders" chart pattern. I've always said price is the least interesting aspect of bitcoin, but I'm fascinated by prospect that many trad finance tools just don't apply to it. Bitcoin really is different. pic.twitter.com/oHxbngXmdR
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) August 20, 2021
Typically, a head-and-shoulders pattern marks local tops.
In Bitcoin price’s case, this stood at around $42k.
However, the ability of buyers to reject any attempts of lower lows and solidify the uptrend is epic.
This development “fascinates” the Wyoming official—an expert with over 22 years of experience working on Wall Street.
Bitcoin Bulls “Eating through the Order Book,” BTC/USD Ready to Rocket
Meanwhile, another trader on Twitter says bears are exhausted. Bitcoin bulls, he notes, are eating through the order book.
When #Bitcoin makes slow climbs higher like this, it makes me think we're about to rocket up 📈🚀.
There are no sellers left at the current price. Buyers are simply eating through the order book. pic.twitter.com/BUYwhgXPqS
— Joe Burnett (🔑)³ (@IIICapital) August 20, 2021
The trader describes BTC as a “natural game-theoretic Schelling point.” Drivers of bulls are increasing adoption—and increasing understanding—and its scarcity.
Already, the BTC price is trading in a bullish breakout pattern above last week’s highs. At spot rates, it is at new H2 2021 highs.
At this slow, patient printout of buy bars, everything is clear for Bitcoin prices to rocket.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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