Bitcoin only exceeded $ 113,800 on Thursday, establishing a new historical maximum. The oldest digital asset has been in a tear in recent months, and has almost doubled during the past year, rising $ 57,899 a year ago today.
COINDESK industry analysts and experts are watching closely to see if Bitcoin
It can increase to $ 120,000, or if this week’s price action is just an ephemeral panting.
Helene Braun, Coendesk Markets reporter (19:12 UTC): Existence linked to cryptography are on fire, with crypto exchanges (HOOD) and coinbase (COIN) Increasing more than 3% on Thursday. Meanwhile, miners such as Hut 8
Bitfarms (Bitf)and Hive Digital rise more than 4%. Interestingly, the stablecoin emitters circle (CRCL)The new most popular Crypto IPO action has only increased by 0.4%.
James Van Straten, Coindesk Bitcoin analyst (18:55 UTC): The second half of 2021 Bull Run was purely leverage and derived from derivatives. It had a 50%hash rate correction, and all the metrics in the chain in the chain were bassists, we also had increases in incoming feeding rates for the first time. The market cycle is completely different with a new buyer in the market, a new Fed chair that potentially entered with cuts and a president of the United States crypto-Pro. In addition, do not forget the strip of Bitcoin Treasury companies.
Oliver Knight, co-leader of Coindesk Data and Tokens (18:55 UTC): Net accounts are still short (Omkar Godbolole de Coindesk mentioned that this was a retail indicator). This is interesting, as in the previous cycles, we had retail euphoria, but this time not so much.
However, while on the surface a high record for Bitcoin is almost surely bullish, several technical indicators paint a different image: the daily RSI has now made three lower maximums, an example of bearish divergence that indicates that the movement could be of short duration. The negotiation volume has also decreased from the initial record in January, and BTC is still below their respective maximum records against EUR and GBP, indicating the weakness in dollars over the BTC force.
In addition, the commercial companies with which I talk are bassists, but it is worth noting that they were also bassists of the $ 30K race to $ 70K of BTC in the double top of the last cycle.
