The cryptocurrency market experiences a breakout as Bitcoin attains a 1-week all-time high

The sideways trading action ends in style as bitcoin hits a one-week high on Nov 2. According to TradingView and Cointelegraph Markets Pro, the high volatility on BTC/USD made BTC gain by $1500 in a matter of minutes. This pushed BTC to $63K, which is the highest it has gotten since Oct 25.

Surprisingly, there are many crypto analysts, including Filbfilb, who were anticipating the gains.  From their data, chart signals indicated volatility on Monday. Many indicators show bitcoin is entering a bull run.

Judging on the MR line, it is rather apparent on the fourth touch with a downward trend, which will make the trend retest and breakout. The breakout was expected in the next 48 hours, causing the price to go up. Some analysts predicted that bitcoin’s relative strength index being above 70 shows the extended rally going on.

According to Cointelegraph reports, RSI levels can determine a breakout and an ideal market exit opportunity.

 

Bullish November

There have been bullish signals since November started based on the data history. The on-chain metrics are in the green; there are high chances of the price going up to all-time highs of $64,900.

In October, more funds were purchased as compared to those that were mined. There are chances that miners are the ones who are buying most of the BTC. 

Many factors may have influenced the price of Bitcoin to go up. The fact that Amazon is looking into digging deeper into the crypto space is a big trigger already. From Kraken’s data, most long-term holders are still accumulating on their Bitcoin stock, meaning they believe the price is still going up. Mining pools have also upped their game when it comes to holding more bitcoin. There are chances the market will get into a supply shock whereby the demand is higher than the supply.

Photo by Javier Esteban on Unsplash

Marcia

Marcia

Marcia is a real crypto enthusiast specialized in bitcoin and regulatory news.

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