Bitcoin (BTC) posted daily gains to 4.5% on November 11, as an unexpected weekend of uptrend remained firmly in place.
BTC/USD one-hour chart. Source: Trading View
BTC price reaches $85,000
Data from Cointelegraph Markets Pro and TradingView Show BTC price momentum exceeding $84,000 after Wall Street open.
Now up nearly 25% in the past seven days, BTC/USD is showing no signs of a significant bounce or consolidation as the bulls break through the sell walls and continue price discovery.
“In the short term, capos will help push the price of Bitcoin higher, as they continue to add short trades to clear the market,” popular analytics account Bitcoindata21 reacted in part. Share on X.
“Until we start getting daily divine candles, I don’t expect significant pullbacks (20-30%).”
Bitcoindata21 cited market participants betting on a major capitulation in Bitcoin prices, including a trader known as Il Capo of Crypto, who predicted a collapse of up to $12,000 over the course of the current bull market.
“My goal remains $150,000 for the first summit (which is subject to change, if my indicators tell me), but there’s plenty of time to sit back, watch, and enjoy now,” the post added.
“It’s a bull market, stop wanting to sell.”
BTC Liquidation Heatmap. Source: Coinglass
Data from monitoring resources Queen Glass Bid liquidity above $81,000 showed thickening in exchange order books, which could help push the spot rate higher.
Given the potential for BTC/USD to head into uncharted territory, commentators have pointed to, among other things, falling funding rates across derivatives markets – uncharacteristic of breakouts across all-time highs.
source: Dylan LeClair
Zooming out, veteran trader Peter Brandt offered another reason to remain bullish on Bitcoin: the apparent flip of long-term resistance in the form of an inverse head and shoulders pattern.
“Major buy signal for Bitcoin over the weekend.” He said X Followers, an accompanying chart indicates the path is open to $200,000 and more.
BTC/USD daily chart. Source: Peter Brandt/X
MicroStrategy Buys $2 Billion in Bitcoin with Focus on ETFs
Meanwhile, the spot purchase was joined by a new commitment from business intelligence firm MicroStrategy, which today announced a BTC acquisition worth more than $2 billion. As Cointelegraph reported, on November 10, the company’s holdings exceeded a 100% return on investment.
Related to: $80K BTC Price Chases Gold – 5 Things to Know in Bitcoin This Week
Attention has also focused on Bitcoin exchange-traded funds (ETFs), which are witnessing Net flows of more than $1.5 billion The previous week.
“The path to $80K Bitcoin has been paved with continued demand for ETFs. No retail FOMO. Little fuss,” Cameron Winklevoss, co-founder of Gemini Exchange, Comment On the weekend.
“People are buying ETFs, not selling them. This is sticky capital that’s like a HODL. The word keeps going up. Where are we in the cycle? We just won the coin toss, and the turns haven’t even started yet.”
US Bitcoin ETF net flows (screenshot). Source: Farside Investors
Earlier, Cointelegraph reported inflows into the largest bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), surpassing those of the gold ETF, the latter of which has traded for twenty years.
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