Bitcoin surpasses $21K for 7 Weeks as BTC prices jump to new highs on US jobs

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 You should do your research before making any investment or trading decision.

Opinion writer on 7trade7