As at November 9, Bitcoin is hanging on to $68,000 as traders have declared it “clear for take-off.” Data obtained from Cointelegraph Markets Pro and TradingView shows that a surge on the night of November 7 raised the price to a day high of $66,557. Analysts however speculated that the price of BTC was close to experiencing a parabolic price move, after the last resistance at $67,000 was cleared.
Analysts expect that clearing the final hurdle sitting at $67,000 would give room for a short term rise in price, followed by a very sharp decline in the price. Therefore, as buyers see the quick fluctuation in price, short sellers will be pulled into the market because they know that a sharp fall in the price action is on the way.
By the morning of November 9, traders had then started to tout clear skies for price discovery if the huge $70k price wall is breached. There are reports that there is serious resistance near the new all-time high.
Cointelegraph Markets Pro and TradingView tracked two successive nights of impressive performances for BTC/USD. The duo spent November 7 at $62,000 but saw a huge, 11.4% rise in just over two days – including a new all-time high of $68,564 on Bitstamp. If this impressive performance continues and the $70k sell wall is breached, end-of-month predictions of $98,000 – which were recently declared unachievable – will be back at the table for discussion.
The Twitter section of cryptocurrency trading rejoiced at this very impressive, new all-time high for BTC. This had traders restoring their faith in an analyst known as “PlanB”, who is famous for predicting monthly closing prices for BTC. PlanB correctly predicted that BTC would close August close to $47,000 but overestimated October’s closing price by a mere 3%. PlanB predicted – using the popular Stock-To-Flow (S2F) model – that BTC would close November at $98,000. Examining the current trajectory, that closing price is not so far off.
What is however responsible for this rise? These all-time highs appear to have been triggered by a huge reduction in active supply over recent months. On-chain analytics provider Glassnode noted that the price of BTC is rising exponentially because the investors have simply refused to spend their coins. Several addresses that have not moved their BTC in a year are among those stockpiling their coins, moving only 6,500 BTC daily.
