Home CryptocurrencyBitcoin Bitcoin Sets New 7-Week High As BTC Price Jumps Above $21,000 On US Jobs

Bitcoin Sets New 7-Week High As BTC Price Jumps Above $21,000 On US Jobs

by SuperiorInvest

Bitcoin (BTC) topped $21,000 at the Wall Street open on Nov. 4 as bulls dealt with an impressive wall of selling.

BTC/USD 1-Day Candlestick Chart (Bitstamp). Source: TradingView

Sellers pull away due to new multi-week highs

Data from Cointelegraph Markets Pro and TradingView breaking through resistance and hitting local highs of $21,262 on Bitstamp.

The pair had he tried to come back to higher levels during the week, but latest order book data from Binance showed that demand is now moving as far north as $21,500.

BTC/USD order book data (Binance). Source: Material Indicators/Twitter

The daily high marked Bitcoin’s best performance since September 13, when it surpassed previous local highs.

Material Indicators, which provided order book charts, noted that higher-than-expected U.S. unemployment data could help risk assets by increasing the chances of a Federal Reserve interest rate pivot.

“Unemployment hit 3.7%, 0.2% higher than expected, and BTC whales see this as a sign that the Fed’s rate hike may be working. in summary.

“Note that a monthly report does not create a trend, but right or wrong, this market reacts to every data point.”

After a delay, popular Twitter account Bitcoin Bull reiterated his characteristic bullish view on BTC action, arguing that cycle lows are near.

“It was just a retreat from a larger bull extension. The main top is not yet, but the lower zone is here,” the tweet read.

“The cycle continues.

BTC/USD Commented Chart. Source: Bitcoin Bull/Twitter

$30,000 in cards for November

Macro markets performed similarly strongly on the day.

Related: The analyst estimates the price of Bitcoin next month at $30,000 with a breakout date

An hour after the open, the S&P 500 was up nearly 2% and the Nasdaq Composite was up 1.75%.

Meanwhile, the US dollar lost ground and the US dollar index (DXY) fell to 111 support from 113 in a single day.

“$DXY is falling. Earnings are set to fall. Bitcoin at $21,000,” Michaël van de Poppe, founder and CEO of trading firm Eight, he responded.

“It’s time to hit $30k in the coming weeks.”

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and trading step involves risk, you should do your own research when making a decision.

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