Bitcoin (BTC) clings to $ 68,000 on Nov. 9 after traders said it was “clear to withdraw” and ready to research more on price.

Bitcoin approaches the “Great Wall”

Data from Cointelegraph Markets Pro and TradingView followed an impressive second night of gains for BTC / USD.

The pair spent most of Sunday at nearly $ 62,000 but rebounded a total of 11.4% in just over two days – including a new all-time high of $ 68,564 on Bitstamp.

“BTC highest weekly closing ever after consolidation. We will clearly take off, ”remarked dealer Pentoshi forecast when the week starts.

Filbfilb, co-founder and analyst of the Decentrader exchange, also built on the existing bullish confidence, noting that Bitcoin is currently involved in what he calls the “Great Wall of Finex” – a wall of Big Sale on the Bitfinex exchange around $ 70,000 is in contrast to recent heavy whale accumulation.

Break this and the upside continues to grow significantly. The end-of-month forecast of up to US $ 98,000 was announced a few days ago as almost unattainable, also back on the table.

NS #bitcoin The price was set continuously:
– Always high monthly payment ✅
– All-time high weekly closes ✅
– All-time high daily closings ✅

Clear skies for a new round of pricing pic.twitter.com/5lqywzbnwi

– Anti-dilution (@dilutionproof) November 9, 2021

Despite closely monitoring behavior during the 2013 and 2017 bull market, 2021 will remain relatively modest compared to the rate of increase after the previous two halves of Bitcoin’s block subsidies.

Investors are “trying to take orders” for more BTC

Institutional demand for Bitcoin, even at an all-time high, shows no signs of subsiding before an exchange traded spot fund (ETF) can be launched in the United States.

Related: Ethereum returns to pricing as ETH approaches 5K

“$ 70,000 in Bitcoin is coming soon,” SkyBridge Capital CEO Anthony Scaramucci Add Third, imply he’s still a buyer in the market.

“The great institutional need is finally here. Try to get orders by 2022. “

 

Amid inflation, Bitcoin received a boost from gold as an overnight hedge, with its market cap hitting 10.7% versus gold.

In terms of the sustainability of the current rally, funding rates on the exchanges are high but not unsustainable at the time of writing, with interest rates on Binance actually lower on Monday.

 

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