Bitcoin (BTC) topped $21,000 at the Wall Street open on Nov. 4 as bulls dealt with an impressive wall of selling.
Sellers pull away due to new multi-week highs
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.
$30,000 in cards for November
Macro markets performed similarly strongly on the day.
An hour after the open, the S&P 500 was up nearly 2% and the Nasdaq Composite was up 1.75%.
Meanwhile, the US dollar lost ground and the US dollar index (DXY) fell to 111 support from 113 in a single day.
“$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.”
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