Autor Cointelegraph By William Suberg

Bitcoin (BTC) passed $21,000 at the Nov. 4 Wall Street open as bulls tackled a formidable sell wall.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewSellers move aside for new multi-week highsData from Cointelegraph Markets Pro and TradingView breaking through resistance to hit local highs of $21,262 on Bitstamp.The pair had struggled to return to higher levels during the week, but the latest order book data from Binance showed asks now shifting up to north of $21,500.BTC/USD order book data (Binance). Source: Material Indicators/ TwitterThe day’s high marked Bitcoin’s best performance since Sep. 13, beating previous local peaks.Material Indicators, which provided the order book charts, noted that above-expected United States unemployment figures may be aiding risk assets by increasing the chances of a Federal Reserve interest rate pivot.“Unemployment came in at 3.7% which is 0.2% higher than forecasted and BTC whales see it as a sign that FED rate hikes may be working,” it summarized. “Note, that one month’s report doesn’t make a trend, but right or wrong, this market reacts to every data point.”Zooming out, popular Twitter account Bitcoin Bull reiterated a characteristically positive take on BTC price action, arguing that cycle lows were near.”This was just a pullback from a bigger bullish extension. The major peak is not in yet, but the bottom zone is here,” a tweet read. “The cycle continues.”BTC/USD annotated chart. Source: Bitcoin Bull/ Twitter$30,000 on the cards for NovemberMacro markets performed similarly strongly on the day.Related: Analyst puts Bitcoin price at $30K next month with breakout dueAn hour after the open, the S&P 500 was up nearly 2% and the Nasdaq Composite Index up 1.75%.The U.S. dollar meanwhile lost ground, the U.S. dollar index (DXY) dropping to 111 support from 113 in a single day.”$DXY is tanking. Yields are ready to drop. Bitcoin at $21K,” Michaël van de Poppe, founder and CEO of trading firm Eight, reacted. “It’s time for the run towards $30k in coming weeks.”U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.$21,000 sell wall proves uglyWhile so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came on the back of the Federal Reserve interest rate hike decision.Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.“If you want to sell, place your orders slightly lower than $21k,” Onchain Edge, a contributor at analytics platform CryptoQuant, wrote in part of a tweet alongside data from the Binance order book.BTC/USD order book chart (Binance). Source: Onchain Edge/ TwitterMaterial Indicators, which provides the order book data, additionally noted that buy-side orders had been fickle friends in terms of support, coming and going on the order book.“THIS is why I don’t trust new, heavily weighted, Bitcoin buy walls,” it commented.BTC/USD order book chart (Binance). Source: Material Indicators/ TwitterFellow CryptoQuant contributor Maartunn meanwhile added that market sell-orders were “still dominant” in the current setup.“Nothing has really changed, other than a lower Bitcoin price,” part of Twitter commentary stated on the day.Bitcoin net take buy/sell volume chart. Source: Maartunn/ TwitterAnalyst on stocks: “Big guys loading up”Beyond crypto, one analytics source noted a potential silver lining for risk assets more broadly in the current climate.Related: Bitcoin seller exhaustion hits 4-year low in ‘typical’ bear market moveThe Smart Money Confidence (SMC) sentiment indicator, traditionally used for stocks, is now at “historical highs,” Game of Trades noted.High SMC scores coincide with outperformance of the S&P 500, and given Bitcoin’s correlation to traditional markets, there could be cause for optimism on the back of its current reading of 0.61. SMC hit highs of 0.78 in late September, with a bounce thus required in future.”The big guys are loading up. Smart money confidence is at historically high levels,” an optimistic Game of Trades nonetheless summarized.Smart money confidence annotated chart. Source: Games of Trades/ TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) lingered lower on Nov. 3 as the aftermath of the Federal Reserve interest rate hike subsided.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrading range forms with $20,000 at centerData from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering just above $20,000 on the day.The pair had seen flash volatility as the Fed hiked 0.75%, fakeout moves up and down triggering liquidations both long and short.Cross-crypto liquidations for the 24 hours to the time of writing totaled $165 million, data from Coinglass confirmed.Bitcoin ultimately finished slightly lower than its pre-Fed level, an area which continued to hold on the day as analysts awaited fresh cues.For popular Twitter trader Crypto Tony, there was little need to adjust an existing forecast involving downside resuming short term.“My main bias has not changed as i expect more consolidation and one more drop to produce a spring like motion to kick start the bull run,” he told followers on the day.Data from monitoring resource Material Indicators highlighted potential support and resistance zones using trades from the Binance order book.$19,000 and $21,000 were in focus for analyst Maartunn, a contributor to on-chain analytics platform CryptoQuant.”Two order clusters are added at $19000 & $21000. These are placed around the FOMC,” he noted. “Will this be the new trading range?”BTC/USD order book data (Binance). Source: Material Indicators/ TwitterDXY hints at bad news for risk assetsFellow trader John Wick meanwhile voiced caution over increasing U.S. dollar strength following the rate hike.Related: Bitcoin seller exhaustion hits 4-year low in ‘typical’ bear market moveU.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewUploading charts of the U.S. dollar index (DXY), he warned that the impact of USD gaining ground would be felt across risk assets.“First chart is the wrecking ball weaponized Dollar. Bouncing off recent lows, targeting the top of the uptrend channel, just as I said it would after we see another hike,” he wrote. “This will pressure all asset prices including BTC. Notice how RSI staying bullish above midline.”U.S. dollar index (DXY) annotated chart. Source: John Wick/ TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.