Bitcoin Drops to the “Key Support,” Path to $75k is Cleared On the Upside

After hitting nearly $65,000 this week, Bitcoin went back to $60,000 today.

The good thing, for now, is that the digital asset didn’t fall under $60k, which is the key support, and if we lose this, according to TraderSZ, “we probably heading a lot lower.”

If we go up, the first level on the upside is $65k, followed by $69k and then soaring past $73k.

As of writing, BTC/USD is trading around $60,500.

As per OKEx Insights, “BTC futures data shows clear event-driven movements as retail traders chased the rally and sold the Coinbase IPO news.”

While the bitcoin market is feeling a bit down, the Kimchi premium is strong, up 26% today, suggesting Koreans are busy buying bitcoin.

While XRP continues to be the most traded crypto asset, at a 15.5% premium at $1.94, on all the South Korean exchanges. Bitcoin is trading at $70,880 on Upbit, $70,806 on Coinone, and $70,743 on Bithumb, as per Coinmarketcap. XRP 2.95% XRP / USD XRPUSD $ 0.62
Volume 2.31 b Change $0.02 Open $0.62 Circulating 47.74 b Market Cap 29.43 b
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It is hard to know in which direction Bitcoin will move now, but the market is extremely bullish with the funding rates keeping high, the highest Bitcoin funding rate currently of 0.2296% on Bybit.

This bullishness has Antoni Trenchev, Nexo Co-Founder and Managing Director, predicting Bitcoin hitting $100k in the next 12-18 months.

“Now that we have pierced through $60,000, I think we have cleared the way to $75,000. My prediction would be in the next 12 to 18 months, we're going to hit $100,000 per bitcoin, not as quickly as what we saw in terms of rallies last year because you know everybody is now in on the trade, and usually that's not such a smooth ride.”

Talking about the traction the crypto industry is seeing, Trenchev shared that there has been “a lot of traction recently specifically from the United States,” which coincides with the distribution of the latest round of free money in terms of money printing.

The company is actually seeing a double-digital growth in users with more than a million active users. This “stellar rise” is the norm for the cryptocurrency industry this year amidst the bull run.

As we saw with Coinbase, Kraken, Binance, Robinhood, and Cash App, every crypto trading platform has brought in millions of users and raked in huge numbers in sales and revenue.

As for the regulatory side, things are looking up with Gary Gensler confirmed as the SEC chairman. Still, “whatever happens is going to be just a bump on the road. Longer term perspective crypto is here to stay, and we're still early days,” said Trenchev.

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