Idle BTC – Although Bitcoin is relatively young, it has experienced various cycles of ups and downs. And when we superimpose the cycles since 2013, we observe a repetition of its development pattern. This is why we talk about a cycle with a bull run followed by a bear market. And good news for crypto enthusiasts, the bear market is over and BTC is now in a phase where buyers are in control. The only dark spot in the landscape is that the Fed may not continue to cut rates in December. Whatever happens, Bitcoin had an exceptional performance last week. In today’s bulletin, we take stock!
Bitcoin ETF confirms in November
This the cycle is different from the previous onesbecause he was therethe arrival of ETFs place on bitcoin and ethereum. Therefore, institutional players can invest in cryptocurrencies in a traditional way. So it is quite interesting monitor the development of the behavior of these operators. As seen in the chart below, demand was strong at the start of the year, allowing find ATH 2021. After that, ETFs went through a quiet period a clear drop in input intensity. And now demand is clearly back :
The month of November clearly confirms this institutional players are showing increasing interest in Bitcoin. We had since the beginning of the month 4 days in the minus AND 6 in green for total $3.6 billion in inputs. Furthermore, ETFs recorded two days with inflows well over $1 billion.
The price of Bitcoin rose from $11,600 last week to $80,000
In Glassnode’s latest weekly report, analysts shared a chart that shows Bitcoin performance since 2020. Each bar represents increase in dollars recorded in one week. Last week was particularly impressive an increase of $11,600 over the course of 7 days. During this period, BTC actually went from $68,000 to over $80,000.
On closer inspection, yes has not seen such a significant increase since 2020. The movement was impressive. This performance is the result several months of accumulation on the side of wallets with more than 100 BTC, and looser monetary policy in the United States (Fed rate cuts) and the result is American elections which suggests a greater regard for cryptocurrencies.
Break on BTC before heading to $100,000?
Since breaking the level resistance, which was located at $70,000the price of bitcoin has reaches $90,000. This is an increase of more than 30% in about a week. The course found a top local at $93,265aa interruption could be introduced before BTC crushes the counters again:
The growth was so rapid that the price did not it failed to build solid support between $70,000 and $90,000. But BTC could find a buyer nearby institutional bias (EMA 9/EMA 18) bullishwhich is located around 80,000 dollars. Until course moves behind bullish moving averagesthere’s not much to worry about. The course could use these dynamic supports bounce in the coming days and weeks. For his part, a momentum indicator The RSI is still rising and it doesn’t show no contradiction Yet. THE momentum is bullish on a daily basis.
November is now in full swing and spot bitcoin ETFs continue to attract institutional investors. The election of Donald Trump allowed Bitcoin to hit $90,000 during the week and climb to nearly $12,000. BTC is making history and could push the point home by breaking the $100,000 psychological round number.
