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Bitcoin (BTC) sharply hit weeklong highs on November 2 after days of side action ended with a brief but strong breakout.
BTC / USD 1 minute candle chart (Bitstamp). Source: TradingViewUpside action reverts to BTC / USD
Data from Cointelegraph Markets Pro and TradingView tracked the sudden volatility of BTC / USD as it gained over $ 1,500 within minutes.
As of this writing, $ 63,400 was at the center of the pair’s highest levels since October 25.
#Bitcoin ready to burst? pic.twitter.com/EHQnwyke7D
– Michaël van de Poppe (@CryptoMichNL) November 2, 2021
For popular analyst Filbfilb and others, the move was anticipated, with chart signals flashing volatility on Monday.
“Another day of nothing for bitcoin… still grappling with the MR line… the next contact on resistance will be a 4th contact on the downtrend, so a new test and a breakout is what I’m looking for,” a- he summed up to Telegram Channel Subscribers alongside an annotated chart.
“We haven’t lost the MR line and found no resistance there, but I expect the next move to occur within the next 48 hours.”
Others have pointed out that Bitcoin’s Relative Strength Index (RSI) is now above 70 – a classic “prelude” to a protracted rally coming in.
Small sample size but historically a 100% accurate prelude to a multi-month rally pic.twitter.com/McA39f9Fpv
– // Bitcoin ack (@BTC_JackSparrow) November 2, 2021
As Cointelegraph reported, RSI levels are closely watched to determine both a breakout and an ideal market exit opportunity.
Funds further reduce Bitcoin supply
The uptrends accumulated in the Bitcoin ecosystem at the beginning of November.
Related: ‘Uptober’ Closes At All-Time High During Best Month Of 2021 – 5 Things To Watch In Bitcoin This Week
The latest data shows that in addition to on-chain measures in the green, investing habits echo February – the period leading up to previous all-time highs of $ 64,900.
Specifically, the funds bought more BTC in October than miners produced – a first since the second month of the year.
Table of Bitcoin fund purchases. Source: Jarvis Laboratories
The miners themselves became accumulators in 2021, with only the Chinese debacle in May causing a break in the trend.
Table of reserves of Bitcoin miners. Source: CryptoQuant
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