Bitcoin (BTC) held firm on its uptrend over the weekend of November 11, with a daily gain of up to 4.5%.
BTC/USD 1-hour chart. Source: TradingView
BTC price reaches $85,000.
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum surpassing $84,000 after Wall Street opened.
BTC/USD, which has risen nearly 25% over the past seven days, has shown no signs of a major retracement or consolidation as bulls continue to find the price breaking through a sell wall.
Popular analytics account Bitcoindata21 reacted in some posts on
“You’re not going to enjoy a significant downturn (20 to 30 percent) until you get your daily God candle.”
Bitcoindata21 noted market participants betting on a major BTC price capitulation, including a trader known as Crypto’s Il Capo, who predicted a collapse of the $12,000 low during the current bull market.
“My goal remains at $150,000 for the first peak (according to my metrics, this may change), but for now I have plenty of time to sit back, watch and enjoy,” he added.
“This is a bull market. Don’t be too impatient to sell.”
BTC liquidation heatmap. Source: Coinglass
Bid liquidity on the exchange’s order book may have thickened to above $81,000, potentially helping boost spot prices, according to data from monitoring resource CoinGlass.
Considering the possibility of BTC/USD moving further into uncharted territory, commentators have pointed to low funding rates across derivatives markets, among other things. It does not have the characteristics of breaking all-time highs.
source: Dylan Leclair
Veteran trader Peter Brandt gave another reason to remain bullish on BTC. This is a complete reversal of long-term resistance in the form of an inverted head and shoulders pattern.
“This is a major buy signal for Bitcoin over the weekend,” he told his
BTC/USD 1-day chart. Source: Peter Brandt/X
MicroStrategy takes full interest in ETF and buys $2 billion in BTC.
Meanwhile, the spot purchases were joined by a new commitment from business intelligence company MicroStrategy, which today announced the acquisition of more than $2 billion in BTC. As Cointelegraph reported, on November 10, the company’s holdings achieved a 100% return on investment.
relevant: $80,000 BTC Price Chases Gold — 5 Things to Know in Bitcoin This Week
Attention was also focused on Bitcoin exchange-traded funds (ETFs), which saw net inflows of more than $1.5 billion in the previous week.
“The road to $80,000 Bitcoin is paved by steady ETF demand. It’s not retail FOMO. “It’s a little fanfare.” Cameron Winklevoss, co-founder of Exchange Gemini, said this over the weekend:
“People buy ETFs, but they don’t sell them. This is sticky HODL type capital. The floors keep going up. Where are we in the cycle? We just won the coin toss and the inning never started.”
US spot Bitcoin ETF Netflow (screenshot). Source: Farside Investors
Cointelegraph previously reported on inflows into the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), which surpasses inflows into the Gold ETF (IBIT), which has been trading for 20 years. It has been done.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.