Bitcoin price hits 1-week high in minutes with a sudden spike of $ 1.5,000

Bitcoin (BTC) suddenly hit a one-week high on November 2 after days of sideways movement that ended in a short but strong breakout.

Action back to BTC / USD

Data from Cointelegraph Markets Pro and TradingView tracked the sudden volatility of BTC / USD, which surged above $ 1,500 in minutes.

At the time of writing, $ 63,400 was in the spotlight among the pair’s highest values ​​since October 25.

#Bitcoin Ready to break out? pic.twitter.com/EHQnwyke7D

– Michaël van de Poppe (@CryptoMichNL) November 2, 2021

For prominent analyst Filbfilb and others, the move was expected as the volatility chart signals flashed on Monday.

“No other day for Bitcoin .. still fighting for the MR line … the next resistance touch will be the 4th.

“We didn’t lose the MR line and we found resistance there, but I expect the next move will be in the next 48 hours.”

Others highlighted Bitcoin’s Relative Strength Index (RSI), which is currently above 70 – a classic “prelude” to an upcoming longer rally.

Small sample size, but the former was a 100% prelude to a month-long rally pic.twitter.com/McA39f9Fpv

– // Bitcoin Ack (@BTC_JackSparow) November 2, 2021

As Cointelegraph reported, the RSI levels are being watched with interest to identify both a breakout and an ideal opportunity to exit the market.

Funds continue to express the Bitcoin supply

The upward trend in price increased in the Bitcoin ecosystem at the beginning of November.

Related: ‘Uptober’ closes at a record high in the best month of 2021 – 5 things to watch for Bitcoin this week

The latest data shows that apart from online indices in the green, the investment habit is repeating itself in February – a rally to the all-time high of $ 64,900.

In particular, funds bought more BTC than miners produced in October – the first time since the second month of the year.

The miners turned into accumulators themselves in 2021 only when China’s slump in May caused a divide in the trend.