BITCOIN IS BACK $61,000+ (LIVE)
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Bitcoin just hit $61,000, up 7% over the past 24 hours, clearing key levels. Last Friday's stream had technical difficulties due to wrong Wi-Fi and OBS settings, now fixed. Stream health is excellent with 41 viewers.
Bitcoin at $61,304. Bought big chunk in mid-30s ($34,000-$35,000) in June around Bitcoin conference. Price took off around 11 AM Eastern. Poll: Will Bitcoin hit $100k by year-end?
Follows Blockworks Market Intelligence by Will Clemente. Studies on-chain: wallets holding Bitcoin, duration, whales vs. retail vs. institutions vs. never-sold wallets.
Bitcoin at edge of realized price distribution: 0.68% of supply last moved above current price, little resistance/overhead supply upside. Big wallets scooping up in 30k-40k range, demand > supply. Flat for months around prior range highs (purple) and lows ($30k-$32k) from May breakdown.
Expect huge green candles. October start: ~$17k-$18k move in two weeks. Featured in Business Insider as Bitcoin maximalist predicting $100k by year-end; 65% in poll agree.
SOPR (Spent Output Profit Ratio, entity-adjusted 7-day MA) shows continued upside, confirming bullish trend.
Aside from Huobi, futures curves in contango (slopes positively, farther contracts higher). Exchanges: pink=Binance, orange=Bybit, yellow=Deribit, light green=FTX, green=Huobi, blue=OKX. Exponential rise, especially Deribit.
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