Bitcoin (BTC) broke above $21,000 at the open on Wall Street on Nov. 4 as the bulls tackled a formidable sell wall.
Sellers pull back for fresh multi-week highs
Data from Cointelegraph Markets Pro and TradingView breaking resistance to hit local highs of $21,262 on Bitstamp.
The pair had struggled to return to higher levels during the week, but the latest order book data Binance data showed claims now drifting north of $21,500.
The high for the day marked Bitcoin’s best performance since September 13, surpassing previous local highs.
Material Indicators, which provided the order book charts, noted that higher-than-expected US unemployment numbers could be helping risk assets by increasing the chances of a reversal in US interest rates. Federal Reserve.
“Unemployment stood at 3.7%, which is 0.2% higher than forecast, and is seen by BTC whales as a sign that FED rate hikes may be working,” summarized.
“Keep in mind that one month’s report doesn’t mark a trend, but right or wrong, this market reacts to every data point.”
The popular Bitcoin Bull Twitter account reiterated its characteristically positive view of BTC price action, arguing that the cycle lows were near.
“This was just a retracement of a major bullish extension. The major peak is not there yet, but the bottom is here,” one tweet said.
“The cycle continues.”
USD 30,000 as a possible milestone for November
The macroeconomic markets had a similar behavior on the day.
An hour after the open, the S&P 500 was up nearly 2% and the Nasdaq Composite Index up 1.75%.
In the meantime, the US dollar lost ground, and the US dollar index (DXY) fell to 111 support from 113 in a single day.
“DXY is tanking. Yields about to drop. Bitcoin at $21,000,” reacted Michaël van de Poppe, founder and CEO of the trading firm Eight.
“It’s time to run towards $30,000 in the next few weeks.”
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