{"id":172324,"date":"2021-02-06T17:00:00","date_gmt":"2021-02-06T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/launching-in-3-2-heres-why-bitcoin-breaking-40000-is-different-than-last-time\/"},"modified":"2021-02-06T17:00:00","modified_gmt":"2021-02-06T14:00:00","slug":"launching-in-3-2-heres-why-bitcoin-breaking-40000-is-different-than-last-time","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/launching-in-3-2-heres-why-bitcoin-breaking-40000-is-different-than-last-time\/","title":{"rendered":"# Launching in 3, 2&#8230; Here&#8217;s why Bitcoin breaking $40,000 is different than last time"},"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-6a360607d3203\" 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-6a360607d3203\" 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\/launching-in-3-2-heres-why-bitcoin-breaking-40000-is-different-than-last-time\/#Bitcoin_recovers_quickly_after_whales_finish_selling\" >Bitcoin recovers quickly after whales finish selling<\/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\/launching-in-3-2-heres-why-bitcoin-breaking-40000-is-different-than-last-time\/#What_comes_next\" >What comes next?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Launching in 3, 2&#8230; Here&#8217;s why Bitcoin breaking $40,000 is different than last time <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) broke above $40,000 on Feb. 6 for the first time in 23 days. But this time, the market sentiment is a lot calmer with a less overheated derivatives market.<\/p>\n<p>The combination of a less crowded Bitcoin futures market, the selling pressure from whales peaking, and a fast recovery could help BTC stabilize above $40,000 this time.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_recovers_quickly_after_whales_finish_selling\"><\/span>Bitcoin recovers quickly after whales finish selling<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Jan. 29, a pseudonymous Bitcoin researcher and analyst known as \u201cMaterial Scientist\u201d said that \u201cmega whale\u201d order flow reached an all-time high.<\/p>\n<p>This means that the selling pressure coming from whales dealing with $1 million to $10 million orders reached a record-high. The analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Mtrl_Scientist\/status\/1355110747215421440?s=20\">said<\/a> at the time:<\/p>\n<blockquote><p>\u201cWhales bought back almost everything they had sold since $40k, and mega-whales are about to make a new ATH on their orderflow. Downtrend is over, IMO. New ATH soon, don&#8217;t miss it!\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/65b1c103-2ea1-4b0c-a39e-2f3293d57092.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange data with whale orders (brown line). Source: Material indicators<\/em><\/figcaption><\/figure>\n<p>If the price of Bitcoin establishes $40,000 as a new support area, it would establish a highly positive short-term price trend for BTC.<\/p>\n<p>It would mean that BTC can now rally towards its all-time high without the massive selling pressure coming from major whales and high-net-worth investors.<\/p>\n<p>In the near term, for Bitcoin to maintain its bullish structure, it would need to protect two key support levels: $40,000 and $37,834.<\/p>\n<p>Meanwhile, according to the analysts at Whalemap, a data analytics platform that tracks whale data, there is a confluence of whale supports at $37,834 and $36,290.<\/p>\n<p>If Bitcoin breaks down from $40,000, these two support areas would be critical to defend. Below these two levels would likely result in a short-term bearish trend. The analysts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1358023443355217921?s=20\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cConfluence of whale supports at $37834 &#8211;&gt; $36290. A new cluster formed yesterday in that area too. This should give BTC a nice base to take off from if we ever get there. Otherwise $39843 should provide some help too.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/5cbcf133-4761-4801-a37d-383c76f45886.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Whale cluster support levels. Source: Whalemap<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"What_comes_next\"><\/span>What comes next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the foreseeable future, some traders anticipate Bitcoin to surge beyond $60,000 with the momentum from the ongoing rally.<\/p>\n<p>Scott Melker, a cryptocurrency trader, said there will be pullbacks, but Bitcoin would likely reach $63,000 following the breakout. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1358032542826389505\">said<\/a>:<\/p>\n<blockquote><p>\u201cThere will be pullbacks, maybe even to retest the top of the flag as support. But technically this is a confirmed breakout that should take $BTC to 63K eventually. Disclaimer &#8211; patterns rarely reach their targets, but the rules are the rules.\u201d<\/p><\/blockquote>\n<p>Bitcoin technically broke out of the bull flag when it surpassed $38,000 on Feb. 4. Considering that Bitcoin is looking stronger than the last time it broke $40,000 a month ago, there is sufficient momentum to carry it past $50,000\u00a0this time around.<\/p>\n<p>A potential catalyst in the near term could be Guggenheim potentially confirming its investment in Bitcoin after securing the rights to invest in the Grayscale Bitcoin Trust in February.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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>\n<\/p><\/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\/launching-in-3-2-here-s-why-bitcoin-breaking-40-000-is-different-than-last-time\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Launching in 3, 2&#8230; Here&#8217;s why Bitcoin breaking $40,000 is different than last time &#8221; The price of Bitcoin (BTC) broke above $40,000 on Feb. 6 for the first time in 23 days. But this time, the market sentiment is a lot calmer with a less overheated derivatives market. The combination of a less&#8230;<\/p>\n","protected":false},"author":1,"featured_media":172325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMGQyNjA4ZjgtZmNmZC00MmI2LWJkNTctMTBkNDk4MzFiMWYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-172324","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\/172324","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=172324"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/172324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/172325"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=172324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=172324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=172324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}