Bitcoin (Bitcoin) After a few days of sideways consolidation ended with a short but strong breakout, it suddenly reached a one-week high on November 2.
Upside action returns to BTC/USD
At the time of writing, $63,400 has become the focus of the currency pair’s highest level since October 25.
— Michaël van de Poppe (@CryptoMichNL) November 2, 2021
For popular analyst Filbfilb and others, the move was expected, with volatility in the chart signal on Monday.
“For Bitcoin, it’s another day of nothing…Still struggling near the MR line…The next resistance hit will be the 4th contact of the downtrend, so retesting and breakthroughs are in line with my needs,” he told Telegram The channel summarizes subscribers and annotated charts.
“We haven’t lost the MR line and found resistance there, but I expect the next step will happen in the next 48 hours.”
Others emphasized that Bitcoin’s Relative Strength Index (RSI) is now above 70-a classic “prelude” to the upcoming long-term rebound.
The sample size is small, but it has always been a 100% accurate prelude to a multi-month rebound pic.twitter.com/McA39f9Fpv
— //Bitcoin Confirmation (@BTC_JackSparrow) November 2, 2021
As Cointelegraph Report, Is paying close attention to the RSI level to determine breakthroughs and ideal market exit opportunities.
Funds further squeeze Bitcoin supply
With the beginning of November, the bullish trend of the Bitcoin ecosystem has been piling up.
The latest data shows that in addition to green on-chain indicators, investment habits also echoed in February-the previous all-time high of $64,900.
Specifically, the fund purchased more BTC in October than miners produced—the first time since the second month of this year.
The miners themselves have become accumulators in 2021, and only the collapse of China in May caused a crack in the trend.