Bitcoin (BTC) Climbs Past $13,700, a Most Crucial Moment? This Is What Every BTC User Must Know


BTC/USD Daily Chart 

1) Bitcoin Bulls Seem Unstoppable
From a technical angle, Bitcoin sustaining its move above $13,250 would mark the close of the BTC consolidation phase and the beginning of a new bullish wave. If Bitcoin flips this previous resistance into support, there may be little or no impediment on BTC’s path to $15,000.

This is substantiated by on-chain metrics as The In/Out of the Money Around Price (IOMAP) model reveals that there are no significant barriers above the present price, while the downside is clustered with substantial obstacles.

The NUPL of Bitcoin on top of its historical daily chart. Courtesy: Glassnode

The steady climb in Bitcoin price seems to suggest new demand is flowing into the market despite indications of Miner sell-off.

5) $14K Maybe Beckoning and Ultimately New All-Time Highs
A Bitcoin bull, Raoul Pal of Real Vision believes the upward drive has come to stay and more upside gains are likely to be seen more than ever before. This he stated:

“There are only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000, I fully expect new all-time highs by early next year at the latest ”.

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