Bitcoin price hits 1-week high in minutes, rising $ 1,500

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

Bitcoin price rises again

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.”

Funds compress Bitcoin supply even more

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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