Bitcoin (BTC) suddenly hit a weekly high on November 2 after days of sideways movement that ended in a short but violent eruption.
1 minute BTC / USD light chart (bit print). Source: TradingView
Bullish sentiment for BTC / USD is returning
Cointelegraph Markets Pro and TradingView data followed the astonishing volatility of BTC / USD reaching over $ 1,500 in a matter of minutes.
At the time of writing, $ 63,400 has been at the center of the pair’s high since Oct 25.
For renowned analyst Philbfilb and others, this move was expected as volatility signals flashed on the chart on Monday.
“Another slice of nowhere for Bitcoin … still struggling with the MR line … the next touch of resistance will be the fourth touch of the downtrend, so retests and breakouts are in line with what I’m looking for,” Telegram subscribers along with the infographic.
“We didn’t lose the MRI line and found no resistance there, but I expect the next step to happen within 48 hours.”
Others have noted the Bitcoin Relative Strength Index (RSI), which is now well over 70, a classic “introduction” to the upcoming extended rally.
As reported by Cointelegraph, RSI levels are carefully monitored to determine both an eruption and a perfect exit from the market.
Funds Putting Pressure on Bitcoin Supply
Bullish sentiment builds up in the Bitcoin ecosystem in early November.
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The latest data show that, in addition to the February chain measurements, investment habits are reflected in February – peaking to an all-time high of $ 64,900.
In particular, in October, more BTC was bought with this money than miners mined – for the first time since the second month of the year.
Bitcoin money purchase schedule. Source: Jarvis Labs
The miners themselves became cumulative companies in 2021, and only the May disaster in China caused a split in this direction.