{"id":225655,"date":"2021-04-13T13:29:30","date_gmt":"2021-04-13T10:29:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying\/"},"modified":"2021-04-13T13:29:30","modified_gmt":"2021-04-13T10:29:30","slug":"bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying\/","title":{"rendered":"# Bitcoin breaks new all-time high above $63K: What are traders saying?"},"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-6a407a5b75e38\" 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-6a407a5b75e38\" 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\/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying\/#Final_leg_of_the_bull_rally\" >Final leg of the bull rally?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin breaks new all-time high above $63K: What are traders saying? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) reached a new all-time high at $63,478 on Tuesday on Binance.\u00a0<\/p>\n<p>The market sentiment around Bitcoin and Ether (ETH) is overwhelmingly bullish, but the short-term sentiment remains mixed.<\/p>\n<p>Analysts use the term \u201cprice discovery\u201d when the price of an asset reaches a new all-time high.<\/p>\n<p>On Tuesday, the price of Bitcoin entered price discovery, surpassing its record high as it made its way above $62,000.<\/p>\n<p>When an asset enters price discovery, two scenarios could emerge: It becomes overbought and sees a severe correction, or it sees stronger technical momentum and rallies further.<\/p>\n<p>While the momentum of Bitcoin is evidently strong, traders are mixed in the near-term trajectory of BTC.<\/p>\n<p>Scott Melker, a cryptocurrency derivatives trader, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1381901001616195587\">said<\/a> that the four-hour price chart of BTC has started to enter into overbought territory.<\/p>\n<blockquote><p>\u201cHidden bullish divergence printed a couple of candles ago, signaling continuation and invalidating the bear div. 4-hour RSI has finally reached overbought, let\u2019s see how deep it can push.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/639f75ad-6a80-4b31-b408-13a94d63540d.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price chart with divergence. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1381901001616195587\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Atop the technical indicators show that Bitcoin could be overbought in the short term, while the futures market also remains extremely overcrowded.<\/p>\n<p>Bendik Norheim Schei, the head of research at Arcane Research, said that the three-month premium on BTC futures contracts is reaching 50%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/94515e15-ab0b-43d1-90c9-1e300fc2516a.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC futures annualized rolling 3-month basis. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bendikschei\/status\/1381898923787321346?s=20\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Premiums in the futures market indicate whether the derivatives market is overheated with buyers. If the premiums are high, the risk of a severe sell-off as a result of investors taking profit increases.<\/p>\n<blockquote><p>\u201cThis is insane. Annualized 3-month basis (premium on BTC futures contracts) <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>roaching 50%. 50%.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Final_leg_of_the_bull_rally\"><\/span>Final leg of the bull rally?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Mohit Sorout, the founding partner of Bitazu Capital, there is a chance that Bitcoin is in the final leg of its uptrend. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/singhsoro\/status\/1381889893224226819\/photo\/1\">said<\/a>:<\/p>\n<blockquote><p>\u201cTruth be told I seriously think we\u2019ve entered the final leg of this $btc bull market.\u00a0To be clear, final leg could be 2-3 weeks or even more. Price could reach 200k or even more who knows. Just don\u2019t make irrational life decisions based on unrealized PnL.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/b5f20ee8-9373-4c48-9e4d-bcd2f8745461.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Pi cycle top indicator. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/singhsoro\/status\/1381889893224226819\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>However, there is also a strong possibility that Bitcoin does not top out like it did in 2017. Rather, it could range and consolidate for a long time after it peaks, similar to gold in its early days.<\/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\/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin breaks new all-time high above $63K: What are traders saying? &#8221; The price of Bitcoin (BTC) reached a new all-time high at $63,478 on Tuesday on Binance.\u00a0 The market sentiment around Bitcoin and Ether (ETH) is overwhelmingly bullish, but the short-term sentiment remains mixed. Analysts use the term \u201cprice discovery\u201d when the price&#8230;<\/p>\n","protected":false},"author":1,"featured_media":225656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvNTQ4YTQxYjQtYThlYy00ODRhLWI4Y2EtNmFlNWZlNDgyMTY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-225655","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\/225655","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=225655"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/225655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/225656"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=225655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=225655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=225655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}