Bitcoin (BTC) begins the second week of November still holding strong near 18-month highs — where might BTC price moves head next?
The largest cryptocurrency has fought off sell pressure to seal another impressive weekly close.
In what analysis is increasingly describing as a change in sentiment, Bitcoin and altcoins alike are refusing to retrace gains which first kicked in over one month ago.
Amid a torrid macroeconomic environment, crypto is striking out on its own where assets such as stocks are feeling the pressure, and bulls are hopeful that the upside is not yet over.
Plenty of potential volatility triggers lie in store in the coming week. With inflation still on everyone’s mind, the United States Federal Reserve will deliver a round of remarks as part of planned engagements, with Chair Jerome Powell among the speakers.
A short trading week on Wall Street will mean an extended period of “out-of-hours” trading next week, allowing crypto to potentially see more volatile moves into the next weekly close.
Behind the scenes, Bitcoin is technically as resilient as BTC price action suggests — hash rate and difficulty, already at all-time highs, are due to add to their record tally in the coming days.
Cointelegraph delves deeper into these issues and more in the weekly overview of what to expect when it comes to Bitcoin market activity in the short term and beyond.
Bitcoin bulls refuse to give an inch
Like last week, Bitcoin did not disappoint with the weekly candle close into Nov. 6.
At just over $35,000, the close in fact set a new 18-month high, and preceded a bout of volatility which saw a brief trip to just below the $36,000 mark, data from Cointelegraph Markets Pro and TradingView shows.
A fierce tug-of-war between buyers and sellers means that current resistance levels are proving hard to overcome, while liquidations mounted at the close.
As noted by popular trader Skew, the hourly chart suggests that “both sides of the book were swept” on exchanges.
On Nov. 5, Skew additionally showed increasing open interest (OI) on largest global exchange Binance — a key prelude to volatility in recent weeks.
$BTC
OI and perp delta here is literally people longing LTF highs and shorting LTF lowsOI continues to ramp up on binance ~ important for early next week pic.twitter.com/2bfc9Q2SwG
— Skew Δ (@52kskew) November 5, 2023
Continuing, fellow trader Daan Crypto Trades referenced funding rate data showing longs…
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