After the successful activation of the Taproot soft fork, Bitcoin (BTC) traded above a crucial zone into the weekly close on Nov. 13 as BTC/USD was above $64,000 around 10 a.m on sunday
Market Players Cheered Taproot
Due to U.S. regulators rejecting what would have been the first spot-based exchange-traded fund, the pair rebounded in the latter half of Saturday after briefly falling below $63,000. (ETF).
Bitcoin, seemingly undeterred by the move, quickly recovered, hitting local highs of $65,350 on Bitstamp before settling.
Rather than bemoaning the ETF news, market players cheered the introduction of Taproot.
Taproot is the most significant modification to the Bitcoin protocol since 2017, bringing a slew of improvements ranging from security to Lightning Network performance. Developer Greg Maxwell proposed it seven years ago, and it has already come to fruition.
“The real work will be in designing wallets/protocols that build on top of it to take advantage of its capabilities,” Bitcoin core developer Pieter Wuille said in a Sunday statement.
“I’m very excited to see where that takes us.”
Soft forks have traditionally preceded bullish BTC price periods, as noted by Cointelegraph.
Can Bitcoin “save” the weekly closing price?
Meanwhile, bulls seeking a clean break above a six-month resistance level will face a challenge with Sunday’s weekly close.
In recent weeks, the market remained in the dark as the weekend drew to a close, with Bitcoin historically putting in worse price moves on Sundays and recovering on Mondays.
“I’m looking for price to hold the previous high from April and for this to be a higher low,” trader Pentoshi said, referring to daily timeframes.
“The range we don’t want to go back into is the one we just came from.”
“Moonvember” still has a nearly $100,000 end-of-month price objective, which is becoming increasingly contentious.