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The market is left guessing about what will happen when Bitcoin revisits its all-time highs of $64,500, as resistance is thinner than ever.
According to analysts, Bitcoin (BTC) is now free to surge not only to current all-time highs but also beyond.
Analyzing orderbook data on Oct. 15, monitoring resource Whalemap revealed that Bitcoin had already beaten all major resistance levels.
Bitcoin is already moving in thin air
With $60,000 hitting for the first time since April, the odds are stacked against new all-time highs — and the timeframe for these is shrinking.
Now, a look at the exchange rates reveals just how easily BTC/USD could break into uncharted territory above $64,500.
“Price discovery shall commence very soon,” Whalemap commented on a chart showing BTC supply levels by price.
“Almost no supply at prices above 59k.”
Short squeeze or resistance slap at $64,000?
The only obstacle remaining is a sell-wall at the current highs, which has been mitigated by bullish data on the origins of the current bull run phase.
According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, Bitcoin’s recent price surge is the result of “squeezed” out large-volume buyers on derivatives platforms rather than speculators or shorts.
This clearly differentiates Q4 from previous phases, particularly those that produced all-time highs beginning in 2021.
As a result, the classic “short squeeze” scenario in which bears are annihilated in a cascading ascending price structure has yet to take place.
“Massive BTC buying market orders in derivative exchanges are not from short liquidations,” Ki wrote in a blog post on Friday.
“This indicates: 1/ There are no big short positions liquidated so far 2/ Whales punted long positions since the dip.”