Bitcoin Sets New 7-Week High As BTC Price Jumps Above $21K On US Jobs
Bitcoin (BTC) passed $21,000 at the Wall Street open on November 4 as bulls weathered a formidable wall of selling.
Sellers move aside for new multi-week highs
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD breaking through resistance to reach 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 knew now asking shifting up to north of $21,500.
Today’s peak marked Bitcoin’s best performance since September 13, beating previous local highs.
Material Indicators, which provided the order book charts, noted that above-expected U.S. unemployment numbers could help 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 forecast, and BTC whales see it as a sign that FED rate hikes may be working,” the in summary.
“Note that a month’s report does not constitute a trend, but rightly or wrongly, this market reacts to every data point.”
Zooming out, popular Twitter account Bitcoin Bull reiterated a characteristically bullish view of BTC price action, arguing that cycle lows were near.
“This was just a pullback from a larger bullish extension. The big top isn’t in yet, but the bottom zone is here,” it said in a tweet.
“The cycle continues.”
$30,000 on the cards for November
The macro markets developed correspondingly strongly on the day.
Related: Analyst Puts Bitcoin Price at $30K Next Month with Outbreak
An hour after the open, the S&P 500 was up nearly 2% and the Nasdaq Composite Index was up 1.75%.
The US dollar, meanwhile, lost ground, with the US Dollar Index (DXY) falling to 111 support from 113 in a single day.
“$DXY Tanks. The crops are ready to fall. Bitcoin at $21K,” Michael van de Poppe, founder and CEO of trading firm Eight, reacted.
“It’s time to run towards $30,000 in the coming weeks.”
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