Sohrab Khawas
As the BTC price crosses above $71k, the bullish trend continues to gain momentum. Further, amid the bull market, the highly anticipated bullish month of November inches closer.
The broader market anticipates Bitcoin hitting a new all-time high in the next few days. Will this recovery rally reach the $90,000 mark by the end of November? Let’s find out.
Bitcoin (BTC) Price Analysis
Snapping above the $71,000 mark, the Bitcoin price currently trades at $71,144. With a massive intraday gain of 1.75%, the BTC price marks four consecutive bullish days, accounting for a price jump of ~8.50% from its recent low of $65,521.
The recovery rally marks a post-retest reversal from a broken resistance trendline of a bullish flag pattern. In the daily chart, the BTC price action reveals lower price rejections from the $65,000 mark, fueling the ongoing bull run.
The bullish trend is gaining momentum after crossing above the 78.60% Fibonacci level and the $71,000 mark. Bitcoin is trading at its highest level since June 8 and is heading towards the 100% Fibonacci level at its all-time high of $73,794.
The growing bullish influence leads to a positive credit in the 50-day and 200-day EMA. Furthermore, the RSI line is close to approaching the overbought boundary line, reflecting a boost in bullish momentum. Hence, the technical indicators support the chances of an uptrend in Bitcoin prices.
Based on the Fibonacci levels, the upside targets for Bitcoin are $80,171 and $89,263 in November if it exceeds the ATH.
Analyst Highlights On-chain Crossover Before Bitcoin Spike
The realized price UTXO age bands are ready for a positive crossover, supporting the chances of a bullish recovery. Based on CryptoQuant’s recent post, the UTXO age bands of one week and one month are ready to cross above the realized price of the last three to six months of BTC costings.
As highlighted in a quote by Tuğba Türker, a verified author at CryptoQuant, “This crossover suggests rising momentum as newer transactions are happening at higher prices than the recent past, hinting at potential bullish sentiments.”
Previously, such crossovers have led to the bull run of 2020 and early 2021.
A Single Day of Outflow for Bitcoin ETFs Since October 11
On October 28, the US spot Bitcoin ETFs had a total net inflow of $479M. Further emphasizing the growing institutional support for Bitcoin, only a single day of net outflow has been observed since October 11.
Yesterday, the BlackRock’s IBIT ETF had an inflow of $315 million. Currently, the total NAV of the US Spot ETFs stands at $68.47B, or 4.97% of the total supply.
Curious to know if Bitcoin will hit $100k in 2024? Find a technically and logically driven answer in Coinpedia’s BTC price prediction for 2024 to 2030!
