BTC Increases 4%; Is A New Bull Market Beginning? Bitcoin Price Prediction

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The price of Bitcoin was trading strongly positive on November 5, rising more than 3% to surpass a significant barrier mark of $21,000. The most popular cryptocurrency earlier in the month saw a spike in volatility as a result of news from the United States.

Following a 75 basis point increase in interest rates by the Federal Reserve, Bitcoin first dropped from $20,800 to $20,000. However, purchasers persisted, and with the publication of better-than-anticipated US job figures two days later, bitcoin’s price started to increase.

Bitcoin is now selling extremely close to $21,000 as a result. Both previous efforts to cross that barrier had been unsuccessful, but this time the asset breezed passed it. Because of this, the price of a bitcoin increased to over $21,500, reaching a peak point that had not been seen in roughly two months.

The BTC Whale moves $1,583,709,890 in BTC in a series of staggering transactions.

A huge whale is transferring nearly a billion dollars worth of Bitcoin in a series of transactions, thus emptying many newly made cryptocurrency wallets. According to Blockchain.com, the affluent investor just spent all of his cryptocurrency assets worth more than $1.58 billion, or 74,105 Bitcoins.

1667663971 282 Bitcoin Price Prediction – BTC Spikes 4 Is A New
 

The original transfer of the Bitcoin whale’s massive BTC hoard was divided into two halves. The first transaction is the transfer of 50,562 Bitcoin to an unknown wallet, valued at around $1.08 billion at the time of writing.

The whale then sent 23,542 BTC to an untraceable wallet, which was worth around $505 million at the time of writing. Examining the whale’s activity more thoroughly reveals that the investor finally transferred the 50,562 BTC to the same wallet that held the 23,542 BTC.

The large Bitcoin hoard was then shifted in a series of massive transactions, each of which enabled the owner to store hundreds or thousands of BTC in several wallets. There seems to have been some Bitcoin mixing by whomever is in charge of the transfers, since the total quantity of Bitcoins moved is somewhat greater than the BTC that were first sent.

Many people question whether crypto whales that shift their enormous Bitcoin holdings are seeking to sell them or just diversifying their investments for protection. This Bitcoin windfall, unlike others, does not seem to be going to a wallet owned by a bitcoin trading site.

Bitcoin Price 

The current Bitcoin price is $21,306, with a 24-hour trading volume of $58 billion. Bitcoin climbed more than 2% during the European session. On CoinMarketCap, it presently ranks first, with a live market cap of $447 billion, up from $398 billion.

1667663973 235 Bitcoin Price Prediction – BTC Spikes 4 Is A New
Bitcoin Price & Tokenomics – Source: Coinmarketcap

The BTC/USD pair has broken through a critical resistance level of $21,000, and a bullish crossing over this level has opened up more buying chances until $21,900 or $22,750. The 50-day moving average for Bitcoin is reaching $19,650.

A surge in Bitcoin demand might push it beyond the $21,900 resistance barrier, allowing it to reach the $22,700 and $23,500 levels.

1667663974 863 Bitcoin Price Prediction – BTC Spikes 4 Is A New
Bitcoin Price Chart – Source: Tradingview

The MACD and RSI have moved from a selling to a buying zone, indicating that the upswing will likely continue. BTC can find support at $20,000, and a break of this level can lead to further selling up to $19,700 or $19,400.

Compiled by Coinbold

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