Bitcoin (BTC) begins the new week on a high note in more ways than one, as BTC/USD reaches a new weekly high.
“Resistance is Futile”
With a chart demonstrating Bitcoin’s trend breakthrough, podcast presenter Scott Melker said, “Resistance is futile.”
Along with the weekly all-time high, the larger crypto market reached another milestone: the total market cap of all tokens surpassed $3 trillion for the first time.
As reported by Cointelegraph, there is still a lot of confidence about Bitcoin’s long-term potential, with many people agreeing that the best is yet to come in this cycle.
“People who think it’s too late to buy Bitcoin don’t realize how much higher it may still go in this cycle,” Rekt Capital, a famous analyst, noted.
A New Week For BTC
Bitcoin finally broke out to the upside after days of frustratingly slow development, passing key milestones.
After a week characterized by record highs in altcoins, some claim that the largest cryptocurrency is now firmly back on the radar of traders.
Is “Moonvember” going to start living up to its name? Cointelegraph examines what might cause the market to move in the next days.
Going to be a big week
Barry Silbert (@BarrySilbert) November 7, 2021As higher short-term projections returned, reactions were predictably positive.
As BTC hits $65,000, a large futures gap opens
Bulls were finally rewarded overnight on Sunday, after a week of waiting, when Bitcoin soared off, recovering its old all-time high of $64,900 from April.
The rate of gains was quick, as is often the case during bull runs, with $2,000 gained to the spot price in just one hourly candle.
The timing was perfect, coming just before the weekly closure, allowing the weekly chart to reach a new high of $63,270.
The CME futures gap, according to Filbfilb, analyst and co-founder of trading platform Decentrader, is one of the few plausible factors for correction.
Given that markets likely open significantly higher on Monday than they did on Friday, the potential for spot to momentarily return lower to “fill in” the resulting gap — as has been the case in the past — exists.
He told Telegram channel subscribers, “Looks pretty bullish rn, might retrace to the CME gap but looks like fire overall imho.”