Market data indicates OKEx whales are expecting Bitcoin to spike past $14k

Bitcoin is spiking higher once again as buyers continue to rush in.

According to CryptoSlate market data, the price of Bitcoin currently trades for $13,680, its highest price this year, and a price just shy of 2019's high at $14,000.

Analysts are optimistic that Bitcoin will continue its rapid ascent in the near future due to underlying market trends that are forming.

Bitcoin could soon spike past $14,000, order book data shows.

In 2019, Bitcoin topped at that level almost perfectly, resulting in a rapid 20-25 percent correction in the days that followed.

As a result of this precedent, analysts expect Bitcoin to have difficulty in breaching $14,000 once it reaches that price level.

Some analysts say that OKEx has the most important order book in the Bitcoin market, or at least only second to Bitfinex.

Analysts believe that Bitcoin breaking above $14,000 will result in a strong shift in the crypto market structure.

To expand on this further, market data indicates that there is little Bitcoin futures volume that has been traded above $14,000.

As a result, some have suggested the coin will enter "Price discovery," where there will be immense volatility as the market tries to correctly price Bitcoin with little historical data to trade off of.