Bitcoin (BTC) traded above a key zone at the weekly close on November 13 following the successful activation of the soft fork, Taproot.
What rejection of ETF?
Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair holding above $ 64,000 as of 10am UTC on Sunday.
The pair had managed to rally in the closing hours of Saturday after briefly hovering below $ 63,000 as US regulators rejected what would have been the first spot ETF.
However, the seemingly unflappable Bitcoin returned to normal, hitting local highs of $ 65,350 on Bitstamp before consolidating.
Far from regretting the ETF news, Sunday was all positive steps for the major cryptocurrency, with market participants celebrating the launch of Taproot.
The biggest update to the Bitcoin protocol since 2017, Taproot provides a number of benefits that affect everything from security to the efficiency of the Lightning Network. It was first proposed seven years ago by developer Greg Maxwell and now it has finally come to fruition.
“The real work will be to develop wallets / protocols that build on it to take advantage of its benefits,” said top Bitcoin developer Pieter Wuille as part of Sunday’s comments.
“I’m very excited to see where it takes us.”
As we told you before, soft forks have historically preceded bullish BTC price cycles.
Can Bitcoin “save” the weekly close?
Sunday’s weekly close, meanwhile, poses a challenge for bulls looking for a clean break above a six-month resistance level.
In recent weeks, Bitcoin has been characterized by weaker price movements on Sundays and recovering on Mondays, so the market remained on the lookout when the weekend came to an end.
Can the weekly be saved for #Bitcoin?
– Michaël van de Poppe (@CryptoMichNL) November 14, 2021
Can the weekly close be saved by Bitcoin?
“Looking for the price to maintain the historical maximum established in April and for this to be a higher minimum”, added the trader Pentoshi analyzing the daily candles.
“The range we don’t want to go back to is the one we just left from.”
“Moonvember” continues to maintain an increasingly controversial end-of-month price target of nearly $ 100,000.