Bitcoin Price Gains See Significant Pullbacks Ruled Out Before Reaching $150,000
Unlikely Weekend Upside for BTC/USD
On November 11, Bitcoin (BTC) took daily gains to 4.5%, marking an unlikely weekend of upside that firmly held its place in the market.
BTC/USD 1-Hour Chart: Source – TradingView
Market Data Suggests Continued Price Discovery
Data from Cointelegraph Markets Pro and TradingView indicates that BTC price momentum has passed $84,000 after the Wall Street open. With nearly 25% gains in the past seven days, BTC/USD showed no signs of a major retracement or consolidation as bulls ripped through sell walls and continued price discovery.
Analysts Remain Bullish on BTC
Popular analytics account Bitcoindata21 reacted to this trend by stating:
"In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate. Until we start getting daily god candles, I’m not entertaining significant pullbacks (20-30%).”
Bitcoindata21 referred to market participants betting on a major BTC price capitulation, including the trader known as Il Capo of Crypto, who has predicted a crash to as low as $12,000 over the course of the current bull market.
Bid Liquidity Thickening Above $81,000
Data from monitoring resource CoinGlass shows bid liquidity thickening above $81,000 on exchange order books, potentially helping force the spot price higher. Considering the odds of BTC/USD heading even further into uncharted territory, commentators noted that low funding rates across derivatives markets are uncharacteristic of breakouts through all-time highs.
BTC Liquidation Heatmap: Source – CoinGlass
Veteran Trader Peter Brandt Offers Insight on Long-Term Resistance
Zooming out, veteran trader Peter Brandt offered another reason to stay bullish on BTC: a clean flipping of long-term resistance in the form of an inverse head-and-shoulders pattern. He told X followers:
"Major buy signal over the weekend in Bitcoin,"
accompanying chart implying that the path was open to $200,000 and more.
BTC/USD 1-Day Chart: Source – Peter Brandt/X
MicroStrategy Commits Over $2 Billion to BTC
Spot buying was joined by a fresh commitment from business intelligence firm MicroStrategy, which on November 10 announced a BTC acquisition worth over $2 billion. As Cointelegraph reported, on November 10, the firm’s holdings passed 100% return on investment.
Spot Bitcoin Exchange-Traded Funds (ETFs) See Net Inflows
Attention also focused on the spot Bitcoin exchange-traded funds (ETFs), which saw net inflows of more than $1.5 billion the week prior.
US Spot Bitcoin ETF Netflows: Source – Farside Investors
Insights from Cameron Winklevoss
Cameron Winklevoss, co-founder of exchange Gemini, commented at the weekend:
"The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare,"
adding that people buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started."
Related: $80K BTC Price Chases Gold – 5 Things to Know in Bitcoin this Week
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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MicroStrategy Buys $2 Billion in BTC Amid ETF Demand
On November 10, business intelligence firm MicroStrategy announced a BTC acquisition worth over $2 billion, adding to its existing holdings that have passed 100% return on investment. This move has contributed to the overall bullish sentiment surrounding Bitcoin.
Analysts Weigh In on Market Trends
Popular analytics account Bitcoindata21 provided insight into market trends, stating:
"In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate."
Bitcoindata21 also noted that until daily god candles are seen, significant pullbacks (20-30%) should not be entertained.
Low Funding Rates Across Derivatives Markets
Commentators have noted low funding rates across derivatives markets as uncharacteristic of breakouts through all-time highs. This trend is contributing to the continued bullish sentiment surrounding Bitcoin.
Veteran Trader Peter Brandt Offers Insight on Long-Term Resistance
Veteran trader Peter Brandt provided insight into long-term resistance in the form of an inverse head-and-shoulders pattern, stating:
"Major buy signal over the weekend in Bitcoin,"
accompanying chart implying that the path was open to $200,000 and more.
Insights from Cameron Winklevoss
Cameron Winklevoss, co-founder of exchange Gemini, commented on the steady ETF demand contributing to the rise of the BTC price:
"The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare,"
adding that people buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started."
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Conclusion
The current market trends surrounding Bitcoin indicate continued bullish sentiment, with analysts weighing in on various factors contributing to this trend. From steady ETF demand to low funding rates across derivatives markets, there are multiple indicators pointing towards further price growth for BTC.
By conducting thorough research and staying informed about market developments, investors can make more informed decisions regarding their investment portfolios.
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