Bitcoin suddenly hit a one-week high on November 2nd after moving sideways for days that ended in a brief but powerful breakout.
BTC 1 Hour Price Chart | Source: TradingView
According to data from TradingView, BTC rose over $ 1,500 in minutes. At the time of writing, $ 63,518 is its highest value since October 25.
#Bitcoin ready to break out? pic.twitter.com/EHQnwyke7D
– Michaël van de Poppe (@CryptoMichNL) November 2, 2021
“Ready to break out?”
For prominent analyst Filbfilb and others, the move was expected with volatile flashing chart signals on Monday.
“No other day for Bitcoin … still fighting for the MR line … the next time it hits resistance it will be the 4th of a downtrend, so retest and breakout are what I see.” Bitcoin didn’t beat the MR line and found resistance there, but I expect the next move will be in the next 48 hours. “
In addition, Bitcoin’s Relative Strength Index (RSI) is currently above 70 – a classic “prelude” for the upcoming extended bull run.
At the same time, others are watching the RSI for both a breakout and an ideal opportunity to exit the market.
Small sample size, but a 100% accurate prelude to a multi-month rally pic.twitter.com/McA39f9Fpv
– // Bitcoin Ack (@BTC_JackSparow) November 2, 2021
“Small sample, but a 100% accurate start to a rally lasting several months.”
The upward trend in the Bitcoin ecosystem is getting stronger at the beginning of November.
The latest data shows that, aside from the green on-chain indicators, the investment habit is repeating like it was in February – accelerating to the previous all-time high of $ 64,900.
Specifically, funds bought more BTC than miners produced in October – the first time since the second month of this year.
Amount of Bitcoin Funds Purchased | Source: Jarvis Labs
The miners themselves are also accumulators in 2021, except in the event that China issued a ban in May.
Bitcoin Miner Reserve Chart | Source: CryptoQuant
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Minh Anh
According to Cointelegraph
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