{"id":474278,"date":"2021-10-21T22:37:10","date_gmt":"2021-10-21T22:37:10","guid":{"rendered":"https:\/\/wncen.com\/?p=474278"},"modified":"2024-06-11T13:59:42","modified_gmt":"2024-06-11T13:59:42","slug":"bitcoin-slams-aths-after-cracking-65k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-slams-aths-after-cracking-65k\/","title":{"rendered":"Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?"},"content":{"rendered":"<p>Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC\u2019s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart.<\/p>\n<figure id=\"attachment_474394\" aria-describedby=\"caption-attachment-474394\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-474394 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTC-BTCUSD-3.png?resize=860%2C495\" alt=\"BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-474394\" class=\"wp-caption-text\">BTC with minor losses in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/lucky-buyers-possibly-bag-8k-bitcoin-during-early-morning-flash-crash\/\" target=\"_blank\" rel=\"noopener \">Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash<\/a><\/strong><\/p>\n<p>Analyst John Wick <a href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/07002884\/photo\/2\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend.<\/p>\n<figure id=\"attachment_474393\" aria-describedby=\"caption-attachment-474393\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-474393 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-20.jpg?resize=860%2C551\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"551\"><figcaption id=\"caption-attachment-474393\" class=\"wp-caption-text\">Source: John Wick<\/figcaption><\/figure>\n<p>On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States.<\/p>\n<p>This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin\u2019s Open Interest has it made its way up with the price of the underlying asset.<\/p>\n<figure id=\"attachment_474395\" aria-describedby=\"caption-attachment-474395\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-474395 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/bitcoin-btc-btcusd-21.jpg?resize=860%2C527\" alt=\"bitcoin btc btcusd\" width=\"860\" height=\"527\"><figcaption id=\"caption-attachment-474395\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-100000-straight-ahead\/\" target=\"_blank\" rel=\"noopener \">Bitcoin New All-Time Cleared, $100,000 Straight Ahead?<\/a><\/strong><\/p>\n<h2>Bitcoin At Risk Of Further Downside Or Heating Up For New ATH<\/h2>\n<p>Further data <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/54405636\" target=\"_blank\" rel=\"noopener nofollow\">provided<\/a> by CryptoQuant point to a heating up in the futures market with the leverage ratio increasing to September levels. Funding rates are going positive, as traders expect more gains and short-term investors take leverage Bitcoin positions.<\/p>\n<figure id=\"attachment_474392\" aria-describedby=\"caption-attachment-474392\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-474392 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-19.jpg?resize=860%2C298\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"298\"><figcaption id=\"caption-attachment-474392\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>The Bitcoin Option Open Interest follows a similar trend that the futures market, Delphi Digital noted. The OI in this sector also reached an all-time high, the firm said the following on the increase interest on this market:<\/p>\n<blockquote><p>This was expected given BTC\u2019s new all-time high and futures markets hitting record open interest levels too. Most activity is centered around short to mid-term call purchases.<\/p><\/blockquote>\n<p>In the short term, Bitcoin could continue its rally as historical data suggest. Some analyst claims BTC\u2019s price tends to return to discovery mode a few days after a successful push into new highs.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/ath-bitcoin-exchange-reserves-decline\/\" target=\"_blank\" rel=\"noopener \">Despite New ATH, Bitcoin Exchange Reserves Continue To Decline<\/a><\/strong><\/p>\n<p>However, as the futures market runs hot, the bulls could face hurdles. In the past, whenever too much leverage enters the market, Bitcoin tends to correct to shake out short-term investors. Only time will tell if history repeats.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC\u2019s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart. The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000. Related Reading |\u00a0Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash Analyst John Wick believes Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend. On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States. This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin\u2019s Open Interest has it made its way up with the price of the underlying asset. The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF. Related Reading |\u00a0Bitcoin New All-Time Cleared, $100,000 Straight Ahead? Bitcoin At Risk Of Further Downside Or Heating Up For New ATH Further data provided by CryptoQuant point to a heating up in the futures market with the leverage ratio increasing to September levels. Funding rates are going positive, as traders expect more gains and short-term investors take leverage Bitcoin positions. The Bitcoin Option Open Interest follows a similar trend that the futures market, Delphi Digital noted. The OI in this sector also reached an all-time high, the firm said the following on the increase interest on this market: This was expected given BTC\u2019s new all-time high and futures markets hitting record open interest levels too. Most activity is centered around short to mid-term call purchases. In the short term, Bitcoin could continue its rally as historical data suggest. Some analyst claims BTC\u2019s price tends to return to discovery mode a few days after a successful push into new highs. Related Reading |\u00a0Despite New ATH, Bitcoin Exchange Reserves Continue To Decline However, as the futures market runs hot, the bulls could face hurdles. In the past, whenever too much leverage enters the market, Bitcoin tends to correct to shake out short-term investors. Only time will tell if history repeats.<\/p>\n","protected":false},"author":535,"featured_media":473495,"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],"class_list":["post-474278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?","description":"Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?","url":"http:\/\/wncen.com\/news\/bitcoin-slams-aths-after-cracking-65k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-slams-aths-after-cracking-65k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-Bull-Run-is-Back-as-BTC-Price-Nears-12000.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-Bull-Run-is-Back-as-BTC-Price-Nears-12000.jpeg?fit=719%2C451"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-10-21T22:37:10Z","datePublished":"2021-10-21T22:37:10Z","dateModified":"2024-06-11T13:59:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slams-aths-after-cracking-65k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slams-aths-after-cracking-65k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/Bitcoin-Bull-Run-is-Back-as-BTC-Price-Nears-12000.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/Bitcoin-Bull-Run-is-Back-as-BTC-Price-Nears-12000.jpeg?fit=719%2C451\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-21T22:37:10Z\",\"datePublished\":\"2021-10-21T22:37:10Z\",\"dateModified\":\"2024-06-11T13:59:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-Bull-Run-is-Back-as-BTC-Price-Nears-12000.jpeg?fit=719%2C451","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=474278"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/473495"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=474278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=474278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=474278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}