{"id":132837,"date":"2020-12-14T11:00:00","date_gmt":"2020-12-14T08:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2020-12-14T11:00:00","modified_gmt":"2020-12-14T08:00:00","slug":"big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Big gaps and bigger buys: 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bba1186813\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bba1186813\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/#Vaccine_stimulus_decision_fuels_risk_appetite\" >Vaccine, stimulus decision fuels risk appetite<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/#BTC_price_rebounds_to_crucial_resistance\" >BTC price rebounds to crucial resistance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/#Another_1000_futures_gap_joins_the_party\" >Another $1,000 futures gap joins the party<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/#Institutional_interest_boosts_Bitcoins_image\" >Institutional interest boosts Bitcoin&#8217;s image<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\/#%E2%80%9CWholecoiner%E2%80%9D_wallets_hit_record_numbers\" >&#8220;Wholecoiner&#8221; wallets hit record numbers<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Big gaps and bigger buys: 5 things to watch in Bitcoin this week<br \/>\n<\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>\nBitcoin (BTC) begins a new trading week within 5% of the mythical $20,000 price level \u2014 but can it get there this time?<\/p>\n<p>As the largest cryptocurrency lines up for another shot at overcoming seminal resistance, Cointelegraph looks at the market factors influencing price performance on Monday.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vaccine_stimulus_decision_fuels_risk_appetite\"><\/span>Vaccine, stimulus decision fuels risk appetite<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On a wider macro level, talk is firmly focused on the United States agreeing a coronavirus stimulus package this week. <\/p>\n<p>A major test of the dollar\u2019s strength, negotiations have \u201cno guarantee\u201d of being successful, one government aide told mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>, but the cost of the package under discussion is around $900 billion.<\/p>\n<p>As Cointelegraph reported, this will contain benefits for various economic sectors, but will crucially not involve a second stimulus check for ordinary Americans.<\/p>\n<p>Prospects of both a stimulus package and vaccine rollout have helped buoy a flagging dollar, but for the meantime, risk assets are recovering.<\/p>\n<p>These include stocks, with the Japanese market beating two-year highs in early trading on Monday. Oil is also on the rebound, nearing $47 a barrel amid hopes that the vaccine will spur fresh demand.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/67ee4b22-dfaf-45a8-aa3e-3fe981eb96b7.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD year-to-date performance. Source: Digital Assets Data<\/em><\/figcaption><\/figure>\n<p>For Bitcoin, however, any major boost to USD is always a concern \u2014 2020 has been characterized by the inverse correlation between BTC and the U.S. dollar currency index (DXY).<\/p>\n<p>At press time, however, DXY was falling away from 91 points once more, still not far from its lowest levels since April 2018. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/bbf3840b-6f76-4834-a5e4-20f3f8f76764.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index month-to-date chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>This week will also see fresh guidance from the U.S. Federal Reserve about its virus-related economic response, with the dollar potentially moving in step with any major updates.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_rebounds_to_crucial_resistance\"><\/span>BTC price rebounds to crucial resistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Within Bitcoin, the weekend has continued what is a relatively recent phenomenon for price action \u2014 more h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening on Saturday and Sunday than during the week.<\/p>\n<p>After a lackluster five days\u2019 trading, BTC\/USD rallied after Friday, rising from near $18,000 to highs of $19,400.<\/p>\n<p>The move is conspicuous, with fresh gains leading to another round of confidence votes from various familiar investors. <\/p>\n<p>\u201cBitcoin quietly tiptoeing above $19K. No big deal. Nothing to see here,\u201d Gemini exchange co-founder <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cameron\/status\/1338155432452497408\">Cameron Winklevoss<\/a> summarized on Sunday.<\/p>\n<p>At press time, BTC\/USD circled $19,150, having seen its rally stall at the start of upper resistance at $19,400. The level is highly significant, coinciding with definitive selling pressure in a $600 window which ends at the almighty $20,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/aca162b2-6311-4b62-8717-77a9eb98ab63.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 3-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>A previous attempt to take $20,000 swiftly failed, resulting in last week\u2019s lows of $17,550. A look at exchange orderbook data shows the sell bids intact in the same place. Conversely, should $20,000 finally break, little resistance remains until $22,000 \u2014 currently Bitcoin\u2019s final price hurdle.<\/p>\n<p>\u201cWe do see that we\u2019ve made another higher low, which makes it very likely that we\u2019re going to achieve a new all-time high in the coming weeks if $19,400-$19,500 breaks,\u201d Cointelegraph Markets analyst Micha\u00ebl van de Poppe added in an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CointelegraphMT\/status\/1338189653778817026\">update<\/a> on Sunday.<\/p>\n<blockquote><p>\u201cHowever, traders should be aware that there is a possible likelihood of a \u2018fakeout\u2019 above this recent high, through which a bearish divergence starts to be applied and further rangebound continuation is likely.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> rallying during the weekend towards the all-time high region. <\/p>\n<p>What are the crucial levels to watch? This small video from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL?ref_src=twsrc%5Etfw\">@CryptoMichNL<\/a> explains the levels.<\/p>\n<p>Full analysis:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/o9pJSBgrlU\">https:\/\/t.co\/o9pJSBgrlU<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3dTlFJGei0\">pic.twitter.com\/3dTlFJGei0<\/a><\/p>\n<p>\u2014 Cointelegraph Markets (@CointelegraphMT) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CointelegraphMT\/status\/1338189653778817026?ref_src=twsrc%5Etfw\">December 13, 2020<\/a>\n<\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Another_1000_futures_gap_joins_the_party\"><\/span>Another $1,000 futures gap joins the party<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Countering the hope of a $20,000 showdown meanwhile, the weekend has ironically unleashed another \u201cgap\u201d in Bitcoin futures markets, providing downward pressure.<\/p>\n<p>Roughly $1,000 in size, the difference between the end of Friday and the start of Monday trading for CME Bitcoin futures markets gives a lower price target of $18,100.<\/p>\n<p>As Cointelegraph has previously noted, these \u201cgaps\u201d traditionally get filled soon after they appear, but the size of the two now open has presented difficulties. The previous $1,300 gap, almost unrivalled in size, was only half closed with the run to $17,550.<\/p>\n<p>\u201cRemember, $BTC may need to close the CME futures gap at $16,925 before we see new all-time highs,\u201d forex trader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JustinBennettFX\/status\/1336463260258881537\">Justin Bennett<\/a>, founder of DailyPriceAction, said about that gap.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/b82c9a3b-4c8a-42ca-bf26-d33f9cb3af44.png\"><figcaption style=\"text-align: center;\"><em>CME Bitcoin futures chart showing two latest gaps. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In analysis for Cointelegraph, Van de Poppe likewise highlighted the gaps as a continuing phenomenon to track.<\/p>\n<p>\u201cA new CME gap will be created as the recent closing price is $18,115. As such, this futures gap will likely become a significant point for entry or exit, which is why such gaps frequently become a self-fulfilling prophecy and get filled,\u201d he confirmed.<\/p>\n<blockquote><p>\u201cThere are two open CME gaps from recent price action. The first one didn\u2019t fill completely as there&#8217;s still open air at $17,015. The second one at $18,115 will be created due to the weekend&#8217;s bullish price action.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Institutional_interest_boosts_Bitcoins_image\"><\/span>Institutional interest boosts Bitcoin&#8217;s image<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Institutional uptake meanwhile continues to buoy sentiment and give Bitcoin positive publicity in the mainstream.<\/p>\n<p>Last week\u2019s announcement from insurance fund MassMutual, involving a $100 million allocation, has led to further compliments from previous arch Bitcoin skeptic JPMorgan. This was not lost on the wider establishment, with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-14\/jpmorgan-says-massmutual-s-bitcoin-foray-signals-widening-demand?sref=323RPL5z\">Bloomberg<\/a> quoting the bank\u2019s strategists forecasting further buy-ins.<\/p>\n<p>\u201cMassMutual\u2019s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors,\u201d one said. <\/p>\n<blockquote><p>\u201cOne can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual\u2019s example.\u201d<\/p><\/blockquote>\n<p>Markets commentator <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1337683106560557059\">Holger Zschaepitz<\/a> subsequently noted that MassMutual was causing a particular stir as it has a more \u201ctraditional investor\u201d focus.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CWholecoiner%E2%80%9D_wallets_hit_record_numbers\"><\/span>&#8220;Wholecoiner&#8221; wallets hit record numbers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Away from the big players, however, evidence of the \u201cbig buy-in\u201d is mounting. <\/p>\n<p>According to statistics from on-chain analytics resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1338261368278016013\">Glassnode<\/a>, the number of Bitcoin wallets containing a whole coin or more is at a new all-time high. As of Sunday, almost 827,000 wallets had a balance of 1 BTC or more.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/560c6c2c-813f-4730-8476-8fbd3b7084de.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin wallets with a balance of at least 1 BTC. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>The difficulty in accruing a whole unit of Bitcoin has become an increasingly hot topic on social media amid the corporate investment narrative. This has combined with data showing that despite recent price rises, coins continue to leave exchanges for cold storage.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/6c849e0a-833b-4f2b-ad4e-8cfa9629f539.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange balances historical chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>The result is that investor sentiment is being gauged as long-term \u201cHODL\u201d over short-term speculation.\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/big-gaps-and-bigger-buys-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Big gaps and bigger buys: 5 things to watch in Bitcoin this week &#8221; Bitcoin (BTC) begins a new trading week within 5% of the mythical $20,000 price level \u2014 but can it get there this time? As the largest cryptocurrency lines up for another shot at overcoming seminal resistance, Cointelegraph looks at the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":132838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/4f5a939e-d49b-4cef-9ecf-9972a775c8d9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-132837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=132837"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/132838"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=132837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=132837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=132837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}