The Bitcoin Industrial Complex crushed their record today with $50b in volume (for context that's same as ADV of entire UK stock mkt). $MSTR alone was $32b of it. $MSTU and $MSTX combined for $6b (which is more than all the spot btc ETFs, which were also elevated). What a scene.
📢News Flash: Bitcoin breaks records, hitting $94,028 (+3.31%) amid market excitement 🎯. Spot BTC options launched in the US, promising major liquidity! Fear & Greed Index now at 90 🤑. Total market cap at $3.25T (+0.99%).
Bitcoin has entered price discovery mode as of November 2024, a phase where its price reaches new highs with no prior resistance levels. Here’s how this cycle compares to the past:
1. 2017 Cycle: Price discovery lasted 8 weeks, with a strong rally before the first major pullback.
2. 2020/2021 Cycle: The rally continued for 4 weeks before hitting turbulence.
This cycle, however, feels different:
- Institutional adoption is at an all-time high with Bitcoin ETFs fueling demand. - Global macro uncertainty is pushing more investors into Bitcoin as a safe haven. - The network’s fundamentals, like hash rate and wallet activity, are stronger than ever.
Secondly, don't think this will be an ascending wedge (bearish).
At the Hourly level, I interpret this as an ascending triangle of sorts. Sustained buying pressure over time meeting weakening (inconsistent/anomalous) resistance.
#Bitcoin broke above the $93,000 level and printed a new all-time high as expected. We may see a continuation of the upward movement in the coming days. The next key resistance is the $95,000 area.