The price of the largest cryptocurrency tries to stay at $ 60,000, as positivism spreads in the ecosystem. Today we run a weekly Bitcoin forecast, reviewing some relevant fundamentals and price action.
At the time of this writing, BTC is trading at $ 60,852, accumulating a slight gain of 0.22% in the last 24 hours and 10.45% in the last 7 days.
Last Friday we saw a high of $ 62,933, a price not seen since mid-April, thanks to the bullish sentiment that promoted the news of the approval of a Bitcoin ETF traded on the US stock market, which could go into the ring this week.
The SEC has not yet confirmed that this will be the case. However, several analysts agree that the presentation of an amended prospectus for the launch of the ProShares ETF is an early sign that this will soon be a reality.
The prospectus produced by ProShares (a provider of US exchange-traded products) was submitted to the regulator last summer, and it is quite likely to be the first Bitcoin ETF to be approved. It is expected to start trading tomorrow, October 18.
There is a good mattress for the price to keep rising
But that news is not promoting more than volatility. Really at the bottom is that we see the cushion that allows more profits to continue to be accumulated.
This cushion is made up of low supply dynamics and growing demand.
As Bitcoin is an asset with a very limited supply, the behavior of its price is strongly influenced by the liquidity that this asset has.
One of the best signals we can currently observe is in the Supply Shock metric caused by long-term Bitcoin holders.
In this metric we see that those who accumulate BTC with an eye on the long term, are causing the highest supply shock in history. In the past when similar situations occurred, they always heralded the beginning of a big bull rally.
If the signal is true, then as I have repeatedly commented, the current all-time high will fall short as the new momentum develops.
Bitcoin Weekly Forecast
In the BTC vs USDT chart with weekly candles, we observe how the price crossed the most relevant resistance from my point of view ($ 58,352).
Now the price is being somewhat hampered by the supply that exists in the area where the rally stopped in mid-April.
It is highly unlikely that this area will be an obstacle for much longer.
The bullish force is undoubtedly dominant. A momentum is developing and it does not show depletion yet.
In this weekly Bitcoin forecast we can finally say that a new all-time high will be reached over the next few days.
But before we completely trust ourselves, let’s first see what the daily chart tells us.
In the time frame with daily candles we see a clear short-term uptrend, composed of increasingly higher lows and highs.
Today the price continues to develop a small setback. Due to the little strength that sellers are showing, it seems quite likely that a new momentum will start in the next few hours.
However, we must bear in mind that the price of Bitcoin is in a somewhat relevant resistance zone, so we can consider a broader lateral behavior in this weekly forecast before resuming the trend.
All our publications are informative, so in no case should they be followed as investment advice.