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Bitcoin price hits 1-week high in minutes on sudden .5K gains

Bitcoin price hits 1-week high in minutes on sudden $1.5K gains


Source: Coin Telegraph

A predicted breakout comes true as BTC price action ends a multi-day sideways trading period in style.

Bitcoin (BTC) abruptly hit one-week highs on Nov. 2 after days of sideways action ended in a brief but strong breakout.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

Upside action returns to BTC/USD

Data from Cointelegraph Markets Pro and TradingView followed sudden volatility on BTC/USD as it gained over $1,500 in minutes.

At the time of writing, $63,400 formed a focus amid the pair’s highest levels since Oct. 25.

For popular analyst Filbfilb and others, the move was anticipated, with chart signals flashing volatility on Monday.

“Another bit of a nothing day for bitcoin.. still struggling around the MR line… next touch on resistance will be a 4th touch of the downtrend so a retest and breakout fits with what I’m looking for,” he summarized to Telegram channel subscribers alongside an annotated chart.

“We haven’t lost the MR line & found resistance there, but I’m expecting the next move to happen in the next 48 hours.”

Others highlighted Bitcoin’s relative strength index (RSI) now being above 70 — a classic “prelude” to an incoming extended rally.

As Cointelegraph reported, RSI levels are being keenly watched to determine both a breakout and an ideal market exit opportunity.

Funds squeeze the Bitcoin supply further

Bullish tendencies have been stacking up across the Bitcoin ecosystem as November starts.

Related: ‘Uptober’ closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week

The latest data shows that in addition to on-chain metrics in the green, investment habits are echoing February — the run-up to previous all-time highs of $64,900.

Specifically, funds purchased more BTC in October than miners produced — a first since the second month of the year.

Bitcoin funds purchases table. Source: Jarvis Labs

Miners themselves have become accumulators in 2021, with only May’s China debacle causing a rift in the trend.

Bitcoin miner reserves chart. Source: CryptoQuant

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Author: William Suberg