BTC price ‘on the way to $90K’ — 5 things to watch in Bitcoin this week

Bitcoin (BTC) launches into a new week determined to hold $ 60,000 as support, even though the new all-time highs don't last.

After a classic Sunday slide, the bulls regained control and managed to keep BTC / USD free of lows below $ 60,000.

However, without the all-time highs of April and October so far, investors are eager to see where Bitcoin is capable of going.

Expectations remain very high, up to $ 300,000 in the coming months, and even a continuation of the bull run well into 2022.

Cointelegraph looks at five factors to consider when charting BTC's price action in the coming days.

Bitcoin's "incessant cash supply"

Great outlook in global markets as US equity futures remain unchanged prior to opening.

Inflation continues to bite, and even the Federal Reserve admits that it could stay higher for longer. A separate row on taxing unrealized gains is also generating intense debate among crypto circles.

Beyond soaring commodities, however, the outlook is cooler when it comes to Bitcoin price triggers, as the dissociation of macroeconomic movements has long characterized BTC / USD.

Ahead of the launch of the third Bitcoin futures exchange-traded fund (ETF) on Monday, more attention is being paid to gold, and traditional ETFs, and the threat that Bitcoin poses to them.

"If CME's open interest jumping multiple places to No. 1 globally in a matter of days this week is not a barometer for massive institutional interest, I don't know what it is," Charles Edwards, CEO of investment firm Capriole, commented In the past week.

"This is a changing of the guard."

Edwards previously mentioned that futures-based ETFs would provide a "relentless spot offering" in Bitcoin, countering concerns about the instrument's overall potency.

Where is the key support level for $ BTC?

$ 840 million value #Bitcoin it was bought in the futures markets via market orders whenever the price approached $ 60K yesterday.

Taker Buy / Sell Volume helps determine key support / resistance levels.

Set an alert herehttps://t.co/URSHem9Swb pic.twitter.com/ygh4KQAOVg

- Ki Young Ju 주기영 (@ki_young_ju) October 25, 2021

As for futures volumes, large acquisitions accompanied each $ 60,000 challenge, added Ki Young Ju, CEO of on-chain analytics firm CryptoQuant.

Tracking the bullfight of 2017

Classically, a weak Sunday has turned into a bullish Monday this week, as Bitcoin rises above $ 62,000.

Last week saw a 10% drop from the new all-time highs of $ 67,100, and April's peak of $ 64,900 barely provided support.

However, when bearish calls began to emerge, Bitcoin was in no mood to leave its new trading zone, even as the analysis argued that even $ 50,000 would still constitute solid price action.

The weekly close failed to challenge a large buying wall that sits just under $ 60,000, providing additional relief.

"So far so good," Cointelegraph contributor Michaël van de Poppe summarized in its last update on Monday morning.

"Bitcoin on its way to $ 90K".

The timeline for such a goal has been extended this month; for Van de Poppe this should come only later in the first quarter of next year, in contrast to six-figure estimates with a much shorter term.

Meanwhile, October is forecast to end at around $ 63,000, leaving uncharted territory for the final two months of 2021.

For popular analyst TechDev, Bitcoin is still reproducing the price action of 2017 with almost staggering accuracy. This would also suggest much higher price levels before the end of the year, in line with the December 2017 cap.

After 140 days, a slightly flattened 2017 fractal continues to predict day-to-day #BTC the price action is better than most short-term TAs I've seen. pic.twitter.com/93l7RODsMU

- TechDev (@ TechDev_52) October 25, 2021

VanEck ETF gears up for Monday launch

Another week, another reason to get bullish on institutional investing, as Bitcoin sees another exchange-traded fund (ETF) kick in.

This Monday, it's VanEck's turn, almost a household name in cryptocurrency circles thanks to his years of trying to bring a Bitcoin ETF product to market.

Like last week's offerings, the VanEck Bitcoin Strategy ETF (XBTF) will have underlying Bitcoin futures, adding to the competition ahead of an initial regulatory decision on physical ETFs next month.

XBTF will carry a 0.65% management fee and will start trading as the third Bitcoin futures ETF in the US market.

VanEck also plans to launch a physical ETF, and the Securities and Exchange Commission (SEC) must decide its fate on November 14.

As Cointelegraph reported, despite mixed opinions on the overall usefulness of futures-based ETFs, ProShares' pioneering US debut saw almost without precedents assimilation last week.

The second, from Valkyrie, was dimmer.

"We see Bitcoin on track to trade like gold," said Mike McGlone, a senior commodities strategist at Bloomberg, still bullish. commented on the day of the latter's release.

He referenced the transformation from poverty to wealth that accompanied gold in the early 2000s, when it first attracted its own US ETFs.

At the time, like ProShares, the first gold ETF, the SPDR Gold Trust (GLD), raised more than $ 1 billion in its first three days of trading in November 2004.

No large exchange settlements

As Cointelegraph reported, exchanges are a key focus in current market conditions as a macro trend of decreasing Bitcoin supply slows.

During bull runs, massive inflows of BTC to exchanges tend to signal the price point at which the masses plan to sell, and thus the likely maximum price.

However, more broadly, the amount of Bitcoin held on exchanges has been falling, and this has accelerated since the May price crash.

Based on the latest data, it now appears that Binance has parted ways with other major platforms this month, seeing BTC inflows to its order book, while most of the rest continue to lose bookings.

The run towards new all-time highs for BTC / USD overall produced a slight spike in trading BTC levels, but this is negligible when compared to the overall downtrend.

The Hodlers are already known to have little interest in selling so shortly after previous all-time highs, and institutional buyers aren't supposed to plan for instant sales right after gaining exposure.

Derivatives exchanges have seen particularly active buying over the past week.

The feeling receives a welcome cleansing

Once again, the shift is underway in crypto market sentiment, but unlike at the beginning of the month, investors are getting wary.

Related: Top 5 Cryptocurrencies to Watch This Week: BTC, SOL, AVAX, ALGO, AXS

According to the Crypto Fear & Greed Index, the unsustainable optimism in "Uptober" is no longer the mood when it comes to Bitcoin or altcoins.

Having hit "extreme greed" last week, the index deflated in line with BTC price action, as of Monday at 72/100, which simply denotes "greed."

That level has clumped into a group multiple times over the past three months, reinforcing the feeling that there has been a "reset" for sentiment with Bitcoin still at $ 60,000.

Since the classic cycle top corresponds to a Fear and Greed score of 95/100 or higher, the implication is that a further price increase, if slow enough, could last much longer.