As the crypto market continues to show resilience in the face of adversity, Bitcoin (BTC) has taken daily gains to 4.5% on November 11, marking an unlikely weekend of upside that is firmly in place.
BTC/USD 1-Hour Chart
Data from Cointelegraph Markets Pro and TradingView shows BTC price momentum passing $84,000 after the Wall Street open. This significant milestone is a testament to the growing strength of the Bitcoin market.
BTC Price Knocks on $85,000
With BTC/USD showing no signs of a major retracement or consolidation, bulls are continuing to rip through sell walls and drive price discovery higher. This trend is expected to continue in the short term, with popular analytics account Bitcoindata21 predicting that capo-bears will help drag the Bitcoin price higher.
Short-Term Outlook: Bulls to Dominate
In a recent post on X (formerly Twitter), Bitcoindata21 noted:
"In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate. Until we start getting daily god candles, I’m not entertaining significant pullbacks (20-30%)."
The post also mentioned that the trader known as Il Capo of Crypto has predicted a crash to as low as $12,000 over the course of the current bull market.
Long-Term Outlook: Bulls Remain in Control
Despite the short-term uncertainty, Bitcoindata21 remains bullish on Bitcoin’s long-term prospects. The post added:
"My target remains $150k for the first top (which is subject to change, if my indicators tell me), but there is plenty of time to sit and watch and enjoy right now. It’s a bull market, stop getting so antsy to sell."
Low Funding Rates Across Derivatives Markets
One of the key factors driving Bitcoin’s price higher is the low funding rates across derivatives markets. This phenomenon is uncharacteristic of breakouts through all-time highs.
According to Dylan LeClair, a well-known cryptocurrency analyst:
"Low funding rates are a sign that traders are not aggressively shorting Bitcoin, which can lead to higher prices."
Peter Brandt Sees Inverse Head-and-Shoulders Pattern
Veteran trader Peter Brandt also sees a clean flipping of long-term resistance in the form of an inverse head-and-shoulders pattern.
"Major buy signal over the weekend in Bitcoin," he told his followers on X, accompanied by a chart implying that the path was open to $200,000 and more.
MicroStrategy Buys $2 Billion in BTC
Meanwhile, spot buying was joined by a fresh commitment from business intelligence firm MicroStrategy, which announced a BTC acquisition worth over $2 billion. This move has helped push the price of Bitcoin even higher.
As Cointelegraph reported earlier this week:
"MicroStrategy’s holdings passed 100% return on investment last week, demonstrating the company’s confidence in the cryptocurrency market."
Spot ETFs See Net Inflows of Over $1.5 Billion
The spot Bitcoin exchange-traded funds (ETFs) have also seen significant net inflows of over $1.5 billion in the past week.
As Cameron Winklevoss, co-founder of exchange Gemini, noted:
"The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare."
US Spot Bitcoin ETF Netflows
The chart below shows the significant net inflows into the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), surpassing those of its gold ETF.
Conclusion
In conclusion, the recent price action in Bitcoin has been nothing short of remarkable. With daily gains reaching 4.5% and bulls continuing to dominate the market, it’s clear that the cryptocurrency is on a strong upward trajectory.
Whether or not this trend will continue remains to be seen, but one thing is certain: the crypto market is full of surprises, and only time will tell what the future holds for Bitcoin.
Related Articles
- $80K BTC price chases gold — 5 things to know in Bitcoin this week
- MicroStrategy’s $2 billion Bitcoin buy highlights ETF demand surge
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