Bitcoin’s Rollercoaster Ride
On November 9, 2021, Bitcoin (BTC) seems to be punching above its weight, holding steady at around $68,000 after traders enthusiastically labeled it “clear for take-off.” In a dramatic turn of events, BTC/USD experienced an impressive rally, displaying resilience and leaving market watchers both excited and slightly bewildered.
The Great Wall of Finex
BTC is not just sitting pretty; it is ambitiously tackling what enthusiasts are calling the “Great Wall of Finex” – a formidable sell wall looming near the $70,000 mark on the exchange Bitfinex. This wall is a mountain of resistance, but many traders believe the heavy accumulation of Bitcoin by whales points to a potential breakthrough. If Bitcoin can break this barrier, the sky might just be the limit for its price trajectory.
Setting New Records
Bitcoin has been on a record-setting spree, notching up all-time highs across multiple timeframes:
- All-time high monthly close ✅
- All-time high weekly close ✅
- All-time high daily close ✅
With the full moon in sight, traders are buzzing about the possibility of BTC reclaiming its previous glory and more, with projections soaring up to $98,000, which just a few days prior seemed like a pipe dream rather than a plausible scenario.
Institutional Demand on the Rise
The interest in Bitcoin is not just a fleeting fancy. Institutional demand remains robust, as indicated by comments from influential market players like Anthony Scaramucci of SkyBridge Capital, who hinted at his ongoing buying interest along with others trying to place orders before the 2022 wave. It’s a feeding frenzy out there, and institutional investors seem keen to get a piece of the action.
BTC vs. Gold: The New Hedge
In the face of rising inflation, Bitcoin is emerging as a serious contender against gold. With its market capitalization now hitting 10.7% of gold’s, the narrative that Bitcoin can act as a hedge against inflation is becoming harder to ignore. It’s like watching a new heavyweight contender stepping into the ring after years of being labeled the underdog.
Funding Rates and Market Stability
Finally, funding rates across exchanges tell an intriguing tale. While high, they are not insurmountable as of this moment. In fact, rates on Binance appear to have cooled compared to earlier in the week, suggesting a semblance of balance. This stability could be the rocket fuel that propels BTC into a new phase of price discovery.
So buckle your seatbelt, folks, because the Bitcoin ride is just getting started!
