bullish

Bitcoin

when

Spot

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) took daily gains to 4.5% on Nov. 11 as an unlikely weekend of upside held firmly in place.
<figure><img alt="Bitcoin price gains see 'significant pullbacks' ruled out before $150K" src="https://s3.cointelegraph.com/uploads/2024-11/01931bea-8b78-7c02-9756-81f9c053aea7" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="br-btc-price-knocks-on-85-000"> BTC price knocks on $85,000</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> showed BTC price momentum passing $84,000 after the Wall Street open.
Now up nearly 25% in the past seven days, BTC/USD showed no signs of a major retracement or consolidation as bulls ripped through sell walls and continued price discovery.
“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,” popular analytics account Bitcoindata21 reacted in part of a <a data-ct-non-breakable="null" href="https://x.com/bitcoindata21/status/1855991932922548692" rel="noopener noreferrer nofollow" target="null" text="null" title="null">post on X</a>.&nbsp;
<blockquote>
 “Until we start getting daily god candles, i'm not entertaining significant pullbacks (20-30%).”
</blockquote>
Bitcoindata21 referred to market participants betting on a major BTC price capitulation, among them the trader known as Il Capo of Crypto, who has predicted a crash to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-fails-to-convince-that-bottom-is-in-with-12k-still-likely" rel="noopener noreferrer nofollow" target="null" text="null" title="null">as low as $12,000</a> over the course of the current bull market.
“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,” the post added.&nbsp;
<blockquote>
 “It's a bull market, stop getting so antsy to sell.”
</blockquote>
<figure><img alt="Bitcoin price gains see 'significant pullbacks' ruled out before $150K" src="https://s3.cointelegraph.com/uploads/2024-11/01931be9-5ba5-7354-836d-ca0865176276" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="noopener noreferrer nofollow" target="null" text="null" title="null">CoinGlass</a> showed bid liquidity thickening above $81,000 on exchange order books, potentially helping force spot price higher.
Considering the odds of BTC/USD heading even further into uncharted territory, commentators noted among other things low funding rates across derivatives markets — something uncharacteristic of breakouts through all-time highs.
<figure><img alt="Bitcoin price gains see 'significant pullbacks' ruled out before $150K" src="https://s3.cointelegraph.com/uploads/2024-11/01931be4-cb66-7591-b260-ca7085a6a3f2" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/DylanLeClair_/status/1855993864005341285" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/DylanLeClair_/status/1855993864005341285">Dylan LeClair</a>
 </figcaption>
</figure>
Zooming out, veteran trader Peter Brandt offered another reason to stay bullish on BTC: 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 <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1855959617051689293" rel="noopener noreferrer nofollow" target="null" text="null" title="null">told</a> X followers, an accompanying chart implying that the path was open to $200,000 and more.
<figure><img alt="Bitcoin price gains see 'significant pullbacks' ruled out before $150K" src="https://s3.cointelegraph.com/uploads/2024-11/01931be5-9aec-7e76-8e36-a7405046b4eb" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Peter Brandt/X
 </figcaption>
</figure>
<h2 id="microstrategy-buys-2b-in-btc-with-all-eyes-on-etfs">MicroStrategy buys $2B in BTC with all eyes on ETFs</h2>
Spot buying was meanwhile joined by a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buys-2-billion-in-bitcoin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">fresh commitment</a> from business intelligence firm MicroStrategy, which on the day announced a BTC acquisition worth over $2 billion. As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-bitcoin-portfolio-surpass-20-billion" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph reported</a>, on Nov. 10, the firm’s holdings passed 100% return on investment.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/80k-btc-price-gold-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="null" text="null" title="null">$80K BTC price chases gold — 5 things to know in Bitcoin this week</a>
Attention also focused on the spot Bitcoin exchange-traded funds (ETFs), these seeing <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">net inflows of more than $1.5 billion</a> the week prior.
“The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare,” Cameron Winklevoss, co-founder of exchange Gemini, <a data-ct-non-breakable="null" href="https://x.com/cameron/status/1855736316828262694" rel="noopener noreferrer nofollow" target="null" text="null" title="null">commented</a> at the weekend.&nbsp;
<blockquote>
 “People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising. Where are we in the cycle? We just won the coin toss, innings haven’t started.”
</blockquote>
<figure><img alt="Bitcoin price gains see 'significant pullbacks' ruled out before $150K" src="https://s3.cointelegraph.com/uploads/2024-11/01931be7-b03d-7345-a1c5-b930c2cea78e" title="">
 <figcaption style="text-align: center;">
 US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
 </figcaption>
</figure>
Earlier, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-flips-gold-fund" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph reported</a> on inflows to the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), surpassing those of its gold ETF, the latter having been trading for twenty years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price gains see 'significant pullbacks' ruled out before $150K

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