Bitcoin and altcoins opened the week consolidating at certain levels or experiencing slight increases. So, what factors might have a say in prices this week?
What is important this week for Bitcoin, which makes the weekly closing high?
Kriptokoin.com As we have also reported, those worried about what will happen at Sunday’s weekly close were not disappointed. Bitcoin closed a weekly close above a multi-month trend that was previously considered an important test for overall strength. For popular analyst TechDev, the close was also notable as it broke above the 1.618 Fibonacci level, thus replicating action that served as the springboard for both the 2013 and 2017 bull runs.
Analyst PlanB, on the other hand, says that now $98,000 by December 1 and $135,000 by January 1, 2022 are still achievable targets. Looking at what its long-term holders (LTHs) are doing, it seems that Bitcoin has entered the last – but most volatile – bullish segment. Data from on-chain analytics firm Glassnode, highlighted by analyst William Clemente, shows that LTH investors have stopped net accumulation and are now selling their coins. It is stated that this situation is characteristic of bull runs.
Looking at the BTC chain, it is observed that the hashrate has returned to all-time highs. On the other hand, mining difficulty is increasing for the ninth consecutive difficulty. It is also noted that this week, traditional markets gave alarm about the excessive growth in stocks. It is also reported that there has been a significant increase in the volume of options and leveraged transactions. The part to watch out for for Bitcoin users revolves around the overall correlation between the two.
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