{"id":447400,"date":"2020-10-22T17:00:37","date_gmt":"2020-10-22T17:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=447400"},"modified":"2024-06-11T10:16:05","modified_gmt":"2024-06-11T10:16:05","slug":"massive-wave-of-otc-buying-could-be-behind-bitcoin-bull-impulse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/massive-wave-of-otc-buying-could-be-behind-bitcoin-bull-impulse\/","title":{"rendered":"\u201cMassive\u201d Wave Of OTC Buying Could Be Behind Bitcoin Bull Impulse"},"content":{"rendered":"

Yesterday, Bitcoin experienced a major breakout through $12,000 and in a flash was trading above $13,000<\/a>. Buying on exchanges is picking up, which is, in turn, driving up prices.<\/p>\n

However, a “massive” wave of OTC buying suddenly could also be contributing to the bullish impulse. Here’s how.<\/p>\n

Bulls Push BTC To New 2020 High, Is The Post-Halving Bull Run Here?<\/h2>\n

The first-ever cryptocurrency is trading just below $13,000 after a strong bullish impulse<\/a> and $1,000 candle took the cryptocurrency charging higher.<\/p>\n

News that PayPal would introduce cryptocurrencies<\/a> to its customers starting immediately and roll out full payment support for merchants in 2021, caused buyers to step in with strength.<\/p>\n

Related Reading | Warning: \u201cWatch Out\u201d For Bitcoin \u201cBulldozer\u201d When Volume Expands<\/a><\/strong><\/em><\/p>\n

Sellers attempting to short Bitcoin<\/a> as it rocketed higher only served as fuel for a short squeeze that ultimately took the cryptocurrency to a new 2020 peak.<\/p>\n

\"bitcoin<\/p>\n

Is \"Massive\" OTC buying contributing to the Bitcoin bullish impulse? | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Signs point to a new bull run beginning, but volume has yet to arrive<\/a> that will support a full push to retest $20,000. The reason for the lack of volume, while Bitcoin price increase steadily, could be due to another factor going on behind the scenes and off crypto exchanges.<\/p>\n
How OTC Bitcoin Buying Could Be Contributing To Price Increase<\/h2>\n
According to Bitcoin’s Exchange Fund Flow Ratio 30-day moving average, OTC buying of Bitcoin has kicked into high gear<\/a>, and it could be sucking the already scarce supply out of the market.<\/p>\n
With less supply available, both due to OTC buyers absorbing what’s available in BTC and retail investors moving BTC off exchanges<\/a> to hold in cold storage, there’s not enough Bitcoin for buyers on exchanges to buy big without driving up prices<\/a>.<\/p>\n
\"bitcoin<\/p>\n
\"Massive\" OTC buying going on according to Exchange Fund Flow Ratio 3-Day Moving Average | Source: CryptoQuant<\/a><\/pre>\n
And that’s exactly what happened yesterday. What buying in Bitcoin took place as a result of the breaking PayPal news, helped the cryptocurrency skyrocket higher due to the surging demand.<\/p>\n
OTC buying happens behind the scenes or “over-the-counter.” The medical-sounding term lets big buyers access large BTC supply without causing market slippage on exchange<\/a>.<\/p>\n
Related Reading | Crushing Bitcoin Dominance Could Decimate Altcoins Through Q1 2021<\/a><\/strong><\/em><\/p>\n
Buyers do this to avoid driving up prices<\/a>, much like what took place yesterday. But although OTC buyers don’t directly impact price fluctuations, taking large sums of the BTC supply out of the marketplace will still ultimately contribute to supply and demand dynamics.<\/p>\n
These dynamics are been tipping the scales in favor of price increase, and it shows. If the trend keeps going, Bitcoin’s bull run could already be here, and the cryptocurrency might never look back from the levels it just left.<\/p>\n
Featured image from Deposit Photos, Chart from CryptoQuant, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yesterday, Bitcoin experienced a major breakout through $12,000 and in a flash was trading above $13,000. Buying on exchanges is picking up, which is, in turn, driving up prices. However, a “massive” wave of OTC buying suddenly could also be contributing to the bullish impulse. Here’s how. Bulls Push BTC To New 2020 High, Is The Post-Halving Bull Run Here? The first-ever cryptocurrency is trading just below $13,000 after a strong bullish impulse and $1,000 candle took the cryptocurrency charging higher. News that PayPal would introduce cryptocurrencies to its customers starting immediately and roll out full payment support for merchants in 2021, caused buyers to step in with strength. Related Reading | Warning: \u201cWatch Out\u201d For Bitcoin \u201cBulldozer\u201d When Volume Expands Sellers attempting to short Bitcoin as it rocketed higher only served as fuel for a short squeeze that ultimately took the cryptocurrency to a new 2020 peak. Is “Massive” OTC buying contributing to the Bitcoin bullish impulse? | Source: BTCUSD on TradingView.com Signs point to a new bull run beginning, but volume has yet to arrive that will support a full push to retest $20,000. The reason for the lack of volume, while Bitcoin price increase steadily, could be due to another factor going on behind the scenes and off crypto exchanges. How OTC Bitcoin Buying Could Be Contributing To Price Increase According to Bitcoin’s Exchange Fund Flow Ratio 30-day moving average, OTC buying of Bitcoin has kicked into high gear, and it could be sucking the already scarce supply out of the market. With less supply available, both due to OTC buyers absorbing what’s available in BTC and retail investors moving BTC off exchanges to hold in cold storage, there’s not enough Bitcoin for buyers on exchanges to buy big without driving up prices. “Massive” OTC buying going on according to Exchange Fund Flow Ratio 3-Day Moving Average | Source: CryptoQuant And that’s exactly what happened yesterday. What buying in Bitcoin took place as a result of the breaking PayPal news, helped the cryptocurrency skyrocket higher due to the surging demand. OTC buying happens behind the scenes or “over-the-counter.” The medical-sounding term lets big buyers access large BTC supply without causing market slippage on exchange. Related Reading | Crushing Bitcoin Dominance Could Decimate Altcoins Through Q1 2021 Buyers do this to avoid driving up prices, much like what took place yesterday. But although OTC buyers don’t directly impact price fluctuations, taking large sums of the BTC supply out of the marketplace will still ultimately contribute to supply and demand dynamics. These dynamics are been tipping the scales in favor of price increase, and it shows. If the trend keeps going, Bitcoin’s bull run could already be here, and the cryptocurrency might never look back from the levels it just left. Featured image from Deposit Photos, Chart from CryptoQuant, TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":447405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82859,78790,6664,8181,4524,76835],"class_list":["post-447400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-otc","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n\u201cMassive\u201d Wave Of OTC Buying Could Be Behind Bitcoin Bull Impulse<\/title>\n<meta name=\"description\" content=\"Yesterday, Bitcoin experienced a major breakout through $12,000 and in a flash was trading above $13,000. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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