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Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?

Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?


NewsBTC
2021-10-21 22:37:10
Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?

Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC’s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart. The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000. Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash Analyst John Wick believes Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend. On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States. This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin’s Open Interest has it made its way up with the price of the underlying asset. The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF. Related Reading | Bitcoin New All-Time Cleare...

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