Bitcoin price hits 1-week high in minutes on sudden $1.5K gains

A predicted breakout comes true as BTC price action ends a multi-day sideways trading period in style.

Bitcoin (BTC) abruptly hit one-week highs on Nov. 2 after days of sideways action ended in a brief but strong breakout.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

Upside action returns to BTC/USD

Data from Cointelegraph Markets Pro and TradingView followed sudden volatility on BTC/USD as it gained over $1,500 in minutes.

At the time of writing, $63,400 formed a focus amid the pair’s highest levels since Oct. 25.

For popular analyst Filbfilb and others, the move was anticipated, with chart signals flashing volatility on Monday.

“Another bit of a nothing day for bitcoin.. still struggling around the MR line… next touch on resistance will be a 4th touch of the downtrend so a retest and breakout fits with what im looking for,” he summarized to Telegram channel subscribers alongside an annotated chart.

“We havent lost the MR line & found resistance there, but im expecting the next move to happen in the next 48 hours.”

Others highlighted Bitcoin’s relative strength index (RSI) now being above 70 — a classic “prelude” to an incoming extended rally.

As Cointelegraph reported, RSI levels are being keenly watched to determine both the breakout and an ideal market exit opportunity.

Funds squeeze the Bitcoin supply further

Bullish tendencies have been stacking up across the Bitcoin ecosystem as November starts.

Related: ‘Uptober’ closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week

The latest data shows that in addition to on-chain metrics in the green, investment habits are echoing February — the run-up to previous all-time highs of $64,900.

Specifically, funds purchased more BTC in October than miners produced — a first since the second month of the year.

Bitcoin funds purchases table. Source: Jarvis Labs

Miners themselves have become accumulators in 2021, with only May’s China debacle causing a rift in the trend.

Bitcoin miner reserves chart. Source: CryptoQuant


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