At the Nov. 4, Wall Street Open, Bitcoin ( BTC), passed $21,000 as bulls fought a formidable sell wall.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Sellers leave for multi-week highs
Data from Cointelegraph Markets Pro, TradingView show BTC/USD breaking down resistance to reach local highs at $21,262 on Bitstamp
While had struggled to bring back to higher levels over the week, Binance ‘s latest order book data showed askings shifting north to $21,500.
BTC/USD order book data (Binance). Source: Material Indicators/Twitter
Bitcoin’s highest performance since Sept. 13 was the day’s high, beating all previous local peaks.
Material Indicators provided the order books charts and noted that the above-expected U.S. unemployment figures could be helping risk assets by increasing the likelihood of a Federal Reserve interest rates pivot.
It stated that “Unemployment reached 3.7%, which is 0.2% more than forecasted” and BTC whales consider it a sign FED rate increases may be working.
“Note that a one-month report does not make a trend. But right or wrong, the market reacts to every data point.”
Zooming out, Bitcoin Bull, a popular Twitter account, reiterated his characteristically positive view on BTC price action. He claimed that the cycle lows were very near.
“This was just an extension of a larger bullish pullback. A tweet stated that the major peak was not yet in, but that the bottom zone is now.
“The cycle goes on.”
BTC/USD annotated chart. Source: Bitcoin Bull/Twitter
November cards up to $30,000
Similar strong performance was seen in macro markets on the same day.
Similar: Analyst places Bitcoin price at $30K next Month with breakout due
The S&P 500 had risen nearly 2% an hour after the opening, while the Nasdaq Composite Index was up 1.75%.
In the meantime, the U.S. Dollar lost ground with its U.S.dollar index (DXY), dropping to 111 support from just 113 in one day.
“$DXY is falling. Yields could drop. Bitcoin at $21K,” Michael van de Poppe founder and CEO of Eight trading firm , reacted.
“It’s the right time to run towards $30k over the next weeks.”
U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
