Hello guys,
This is the weekly Bitcoin review.
In the last update, the price was trading around the 69K zone, and I mentioned that we might see another push upward, but for that, a trigger was needed. That trigger came in the form of election results and the continued growth of the stock market. When geopolitical factors influence the market, it’s challenging to make technical conclusions, but we correctly read the situation and the overall consensus. We anticipated the short squeeze, the likelihood of a final push, and the general “risk-on” sentiment in the market. At least we didn’t consider short positions, unlike many others, as shown by the short liquidation volume, which was three times higher than the long volume.
Midweek, I also gave an update saying that the price would likely move higher into the 80K zone, which indeed happened as the price reached 82K over the weekend, setting a new all-time high.
On-chain and ETFs
On-chain metrics are not showing any unusual activity; everything is within average levels. The ETF market, however, saw a record net inflow of $1.6 billion, with the largest purchases made by IBIT from Blackrock, totaling $1.2 billion.
Current Levels
Key support levels are now at 79K, with a very important support at 75K to sustain the upward momentum. The week closed with a bullish candle, and the price is approaching a nearly vertical climb as buyers continue to push it higher. Important liquidity zones that could accelerate the move in case of a breakout are at 85K on the upside and at 77K and 74.5K on the downside.
I believe we may see the upward trend continue for some time. The nearest targets are 85K, and if it breaks, we could see it move toward 90K. However, these are more suitable targets for short-term trading, as there is currently no entry point for mid-term trades.
Important macro statistics this week that could cause volatility
November 13 - US inflation report, with the consensus expecting it to remain unchanged at 2.4%.
