As Bitcoin (BTC) Pushes to Breakout, Analysts Warn of ‘Limits’ to Uptrend


bitcoin btc kirilim icin zorlarken analistler yukselisin sinirlari konusunda uyariyor

One cryptocurrency watcher said that crypto funds are deploying newly issued equity/nominal capital, which seems to be pushing the cryptocurrency higher.

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Bitcoin seems to be surging up and down in a narrowing price range for the past few days. Despite signs of fracture, some analysts remain cautious. Bitcoin is up more than 8% this week, as high as $39,809.

According to Matthew Dibb, Co-Founder and COO of Stack Funds, crypto funds are using newly issued capital, which appears to be raising the cryptocurrency.

Dibb told CoinDesk “new start date for capital distribution/allocation is usually first day of month” said.

The rally looks like a low leverage, spot focused move. According to data provider Glassnode, funding rates -the cost of holding a long position in perpetual futures- is near zero. A high funding rate is taken to represent excess leverage on the upside.

The daily chart indicates that the cryptocurrency has exited the bi-weekly symmetrical triangle (congestion) pattern and that more gains are possible.

Dibb, “Bitcoin technically looks much better” said. “However, we need to see a weekly close above the previous short-term high of $40,904 to regain the confidence of an ongoing uptrend.” The weekly closing takes place at 03:00 at night connecting the market to Monday.

Pankaj Balani, co-founder and CEO of Singapore-based Delta Exchange, expects recovery rallies to be short-lived.

Balani, “We expect sales to continue and the large supply to be offered at over $45,000.” said.