It’s a rush to beat out the competition among institutions, but serious resistance remains near new all-time highs.
Bitcoin (BTC) is clinging to $68,000 on Nov. 9 after traders declared it “clear for take-off” and ready to begin further price discovery.
Data from Cointelegraph Markets Pro and TradingView has tracked the second night of impressive gains in a row for BTC/USD.
The pair spent most of Sunday at near $62,000 but is now up a total of 11.4% in just over two days — including a new all-time high of $68,564 on Bitstamp.
“BTC highest weekly close ever after consolidation. We are clear for take-off,” popular trader Pentoshi forecast as the week began.
Filbfilb, co-founder and analyst at trading platform Decentrader, also built on existing bullish convictions, noting that Bitcoin was now tackling what he called the “Great Wall of Finex” — a large sell wall on exchange Bitfinex around $70,000 contrasting recent heavy whale accumulation.
Break this, and further upside potential increases considerably. End-of-month predictions of up to $98,000, just days ago pronounced all but impossible to achieve, are at the same time coming back to the table.
2021, while closely tracking behaviour seen in both the 2013 and 2017 bull markets, remains comparatively modest when compared to the velocity of gains that followed Bitcoin’s two previous block subsidy halvings.
Investors “trying to get orders in” for more BTC
Institutional demand for Bitcoin, even at all-time highs, is showing no signs of abating ahead of a possible spot price exchange-traded fund (ETF) launching in the United States.
“Large institutional demand has finally arrived. Trying to get in orders before 2022.”
