Bitcoin Tsunami in sight: Wave ride or dive?

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Tyler Winklevoss packs his swim trunks, traders sharpen the bull’s horn and twin whales make the Block Bot excited. The market update.

After more than a month of waiting, the Bitcoin Machine scam price (BTC) has broken through the $11,000 mark again at the weekend. In a week-on-week comparison, the crypto lead currency is up 6.1 percent and is trading at 11,360 US dollars at the time of going to press. On a 30-day view, the most recent price increase even means a plus of 9.4 percent.
Bitcoin price in the weekly chart

Is the Bitcoin tsunami coming?
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In addition to increasing BTC addresses and decreasing BTC stock exchange reserves, a further trend is emerging for 2020: The shifting of cash reserves from companies to Bitcoin. According to MicroStrategy, Square also announced last week that it had invested $50 million in Bitcoin. The announcement spread only shortly before Bitcoin started to jump in price and may have been the final, decisive push over the hurdle.

For Tyler Winklevoss, co-founder of the Bitcoin exchange Gemini, this was the initial spark for a swelling tsunami wave.

The listed companies Square and MicroStrategy are thus paving the way for crypto adaptation. Quite a few companies are likely to follow the monetary policy of the two BTC pioneers with interest. It remains to be seen whether companies of the same size as the two listed companies below will be on the same scale. But every company, no matter how small, that re-parks reserves in Bitcoin is another milestone on the road to global Bitcoin adaptation and a gain for the crypto ecosystem.

Dealers are bullish

Not least due to the recent price increase, traders on the futures markets are betting on a rising Bitcoin price again. According to Datamish, there are currently more than 26,000 long contracts versus nearly 4,000 short contracts in the market. The distribution shows a clearly bullish mood on the crypto-market.

According to Santiment via Twitter, on the other hand, search queries with the keyword short have risen to a two-year high.

While the distribution of positions on the futures markets paints a clearly bullish picture, the Santiment value indicates that traders are looking with skepticism at the coming weeks.

Although search queries are not a reliable indicator of market developments, they do capture an unfiltered impression of investor sentiment. And this is a cause for concern given the rising number of Covid 19 cases worldwide and the uncertain outcome of the U.S. elections.

At least the Fear an Gread Index shows a slight upward trend. After several weeks of anxiety, the sentiment barometer has moved back into the neutral zone at 52 points.

Latest Crypto Fear & Greed Index

Whale Hike

Block no. 651,998 caused a sensation in the Bitcoin cosmos last Friday. No less than four of the transactions contained in it caused the Bitcoin Block Bot to sound the alarm. The total value of the transactions amounts to 617 million US dollars.

Translated with www.DeepL.com/Translator (free version)