Bitcoin breaks new all-time high above $63K: What are traders saying?
The price of bitcoin (BTC) reached a record high on the 13th. April a new all-time high of $63,478 on Binance.
Market sentiment around Bitcoin and Ether (ETH) is mostly bullish, but short-term sentiment remains mixed.
Analysts use the term pricing when the price of an asset reaches a new historical high.
On the 13th. In April, the price of bitcoin reached its record high, climbing to more than $62,000.
When an asset reaches its opening price, two scenarios can occur: It is either overbought and undergoes a sharp correction, or it benefits from stronger technical momentum and continues to rise.
While bitcoin’s momentum is clearly strong, traders are divided on bitcoin’s near-term price action.
Scott Melker, a cryptocurrency derivatives trader, said the 4-hour chart of the BTC price has begun to enter an overbought zone.
The hidden bullish divergence has pushed back a few candles, signaling a continuation and invalidating the downtrend. The RSI on the 4-hour chart has finally reached overbought territory, let’s see how far it can go. Chartof the bitcoin price with divergence. Source: Twitter
In addition to technical indicators that bitcoin could be overbought in the near term, the futures market also remains extremely crowded.
Bendik Norheim Schei, head of research at Arcane Research, said the three-month premium on BTC futures could be as high as 50%.
BTC on a 3-month annualized basis. Source: Twitter
Premiums on the futures market indicate whether the futures market is overheated by buyers. High premiums increase the risk of a serious liquidation due to profit-taking by investors.
It’s crazy. The 3-month annualized basis (premium on BTC futures) is approaching 50%. 50%.
Final stage of the rising rally ?
According to Mohit Soroute, founding partner of Bitazu Capital, bitcoin is likely to be in the final phase of its upward trend. He said:
To be honest, I seriously believe we have entered the final phase of this bull market for the $btc. Let’s be clear: The final phase may take 2 to 3 weeks or longer. The price could be 200,000 or even more, who knows. But don’t make irrational decisions based on an unrealized PnL.Pi upper cycle indicator. Source: Twitter
However, it is also very possible that bitcoin will not make it to 2017. Instead, it can fluctuate and consolidate long after its peak, just as gold did in its early days.
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