Bitcoin (BTC) traded over a key area at the end of the week on November 13 after the successful activation of the Taproot soft fork.
1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
What failed the ETF?
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD exceeded $ 64,000 on Sunday at 10:00 UTC.
The pair earned in the second half of Saturday after earning less than $ 63,000 in a short time thanks to a US regulator’s abandonment of what was to be the first exchange traded fund (ETF).
However, Bitcoin did not seem to be concerned about this move and then went back to the pattern, seeing local peaks of $ 65,350 on Bitstamp before consolidation.
Sunday was not only for regret over the ETF news, but also for positive steps for Bitcoin when market participants celebrated the launch of Taproot.
Taproot is the largest Bitcoin protocol update since 2017 and provides a number of benefits that affect everything from security to the efficiency of the Lightning network. This was first proposed seven years ago by programmer Greg Maxwell, and now it has become a reality.
“The real work will be to build wallets / protocols that depend on their usefulness,” said Peter Wille, Bitcoin’s lead developer, in a comment on Sunday.
“I’m very happy to see where this will lead us.”
As the Cointelegraph reports, soft jaws have historically preceded periods of bullish bitcoin prices.
Can Bitcoin “save” the weekly closing?
Meanwhile, the end of the week on Sunday is a challenge for the bulls who want to break completely over the six-month resistance level.
Subject: 11/12 Price analysis: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
Since Bitcoin usually positioned itself in weaker price movements on Sunday and picked up again on Monday in recent weeks, the market remained in the dark towards the end of the week.
Trader Bentoshi added an analysis of the daily time frame: “I am looking for a price that will remain at the level from last April and this will be a higher low.”
“The range we do not want to go back to is the series we just came from.”