As the cryptocurrency market continues to experience a remarkable resurgence, Bitcoin (BTC) has taken daily gains to 4.5% on November 11, solidifying an unlikely weekend of upside.
BTC/USD 1-Hour Chart: Uncharted Territory Ahead?
Data from Cointelegraph Markets Pro and TradingView reveals that BTC price momentum has surpassed $84,000 after the Wall Street open. This significant milestone marks a 25% increase in the past seven days, with no signs of major retracement or consolidation.
"In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate," popular analytics account Bitcoindata21 reacted on X. "Until we start getting daily god candles, i’m not entertaining significant pullbacks (20-30%)."
Bitcoindata21 referred to market participants betting on a major BTC price capitulation, among whom is the trader known as Il Capo of Crypto, who has predicted a crash to as low as $12,000 over the course of the current bull market. In contrast, Bitcoindata21 remains optimistic about the short-term prospects for Bitcoin.
"My target remains $150k for the first top (which is subject to change, if my indicators tell me), but there is plenty of time to sit and watch and enjoy right now," the post added. "It’s a bull market, stop getting so antsy to sell."
Bid Liquidity Thickens Above $81,000: A Catalyst for Higher Prices?
Data from monitoring resource CoinGlass shows bid liquidity thickening above $81,000 on exchange order books, potentially helping force the spot price higher. This development is a crucial factor in determining the trajectory of Bitcoin’s price.
Low Funding Rates Across Derivatives Markets: A Breakout Indicator
Commentators noted that low funding rates across derivatives markets are uncharacteristic of breakouts through all-time highs. This anomaly has sparked interest and speculation among traders, who are eager to see whether this trend will continue.
Inverse Head-and-Shoulders Pattern: A Major Buy Signal?
Veteran trader Peter Brandt offered another reason to stay bullish on BTC by pointing out the clean flipping of long-term resistance in the form of an inverse head-and-shoulders pattern. This development has significant implications for Bitcoin’s price trajectory, with some analysts predicting a path open to $200,000 and more.
"Major buy signal over the weekend in Bitcoin," Brandt told X followers, accompanied by a chart that implies the path is open to $200,000 and more.
MicroStrategy Commits $2 Billion: A Boost for Spot Markets?
Spot buying was joined by a fresh commitment from business intelligence firm MicroStrategy, which announced a BTC acquisition worth over $2 billion on November 10. This move has sparked attention and interest in the spot Bitcoin market, with some analysts predicting further upside.
Related: $80K BTC Price Chases Gold — 5 Things to Know in Bitcoin this Week
The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare.
— Cameron Winklevoss (@winklevoss) November 12, 2023
Spot Bitcoin Exchange-Traded Funds (ETFs): A Catalyst for Higher Prices?
Attention has focused on the spot Bitcoin exchange-traded funds (ETFs), which saw net inflows of more than $1.5 billion the week prior. Analysts have noted that these funds have been a significant driver of demand, with some predicting further upside.
Conclusion
As the cryptocurrency market continues to experience a remarkable resurgence, Bitcoin has taken daily gains to 4.5% on November 11. This development solidifies an unlikely weekend of upside and raises questions about the trajectory of Bitcoin’s price in the short term.
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