Due to a sudden rise of $150, the Bitcoin price hit a 1-week high within a few minutes

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.

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

Upside action returns to BTC/USD

Data from Cointelegraph Markets Pro with Transaction view As BTC/USD rose by more than US$1,500 within a few minutes, there was a sudden fluctuation.

At the time of writing, $63,400 has become the focus of the currency pair’s highest level since October 25.

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.

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.

related: “Uptober” hits an all-time high for the best month of 2021-5 things to watch for Bitcoin this week

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.

Bitcoin funds purchase table.Source: Jarvis Lab

The miners themselves have become accumulators in 2021, and only the collapse of China in May caused a crack in the trend.

Bitcoin miner reserve chart. Source: CryptoQuant