Bitcoin (BTC) abruptly hit one-week highs on November 2 after days of sideways action ended in a brief but strong breakout.
Stock on the upside returns to BTC / USD
Data of Cointelegraph Markets Pro and TradingView Sudden volatility in BTC / USD followed as it gained over $ 1,500 in minutes.
As of this writing, $ 63,400 formed a focus amid the pair's highest levels since Oct. 25.
#Bitcoin Ready to explode? pic.twitter.com/EHQnwyke7D
- Michaรซl van de Poppe (@CryptoMichNL) November 2, 2021
For popular analyst Filbfilb and others, the move was anticipated, with chart signals flashing volatility on Monday.
"Another day of nothing for bitcoin ... still struggling around the MR line ... the next touch on resistance will be a fourth touch of the downtrend, so a retest and a breakout fit what I'm looking for. ", summed up to the Telegram channel. subscribers along with an annotated graphic.
"We have not lost the MR line nor have we encountered resistance there, but I expect the next move to occur in the next 48 hours."
Others highlighted that Bitcoin's Relative Strength Index (RSI) is now above 70, a classic "prelude" to an incoming extended rally.
Small sample size, but historically a 100% accurate prelude to a multi-month rally pic.twitter.com/McA39f9Fpv
- // Bitcoin ack (@BTC_JackSparrow) November 2, 2021
As Cointelegraph reported, RSI levels are being watched closely to determine both the breakout and an ideal market exit opportunity.
Funds further squeeze Bitcoin supply
Bullish trends have been building up across the Bitcoin ecosystem as November begins.
The latest data shows that in addition to string metrics in green, investing habits echo February, the run-up to previous all-time highs of $ 64,900.
Specifically, the funds bought more BTC in October than miners produced, for the first time since the second month of the year.
Miners themselves have become hoarders in 2021, and only the May debacle in China caused a break in the trend.
Post navigation
