BTC/USD Analysis – November 09, 2021

Bitcoin Price Prediction

The BTC/USD was closed at $67,526.0 after a high of $67,665.0 and a low of $63,259.0. The BTC/USD pair extended its gains for the third consecutive session on Monday amid improved market conditions surrounding the leading cryptocurrency.

The total market cap of the cryptocurrency industry was inching closer to a new all-time high of $3 trillion as bitcoin, and several altcoins recorded massive gains. Bitcoin surpassed its previous all-time high and reached its latest ATH level on Monday amid increased inflows.

BTC's total market capitalization has reached $1.2 trillion, up 6.12% in the last week. Bitcoin is generating a high investment rate and is topping the list of investments as it is officially crowned as the best-performing asset of 2021. The cryptocurrency rose more than 50% this year, and many crypto analysts have also predicted that BTC will reach new milestones before the year runs out.

This year, bitcoin inflows have hit a record high of $6.4 billion, according to digital asset manager CoinShares. The positive momentum and the widespread government acceptance have increased the adoption of bitcoin, which has increased the inflows.

Furthermore, the New York City mayor-elect, Eric Adams, has revealed his plans to make NYC the center of crypto and innovation. He said that schools must be open to teaching cryptocurrency and blockchain technology as bitcoin was becoming a new way of paying for goods and services throughout the entire globe.

Square Inc. has affirmed that its focus was on helping bitcoin become the native currency of the internet. The CEO, Jack Dorsey, explained that his company has several initiatives towards this goal that will help bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.

Square's market cap is about $110 billion, and it has revealed that its mobile payment platform Cash App has generated about $1.8 billion in bitcoin revenues. These news segments added upward pressure on the already rising prices of BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

64635.0 69040.9

61744.1 70555.9

60229.1 73446.7

Pivot Point: 66150.0

BTC/USD - Technical Outlook

The BTC/USD coin had a solid bullish moment, soaring from the 65,500 level to 68,500. On the 4-hour timeframe, Bitcoin has violated the previously placed all-time high and is now trading at a level of 68,068. Above this, the BTC/USD’s immediate resistance prevails at 68,921 and 71,329.

On the support side, the BTC/USD’s immediate support prevails at 67,609 and 66,514 levels. The MACD and RSI are in support of a bullish bias. Therefore, the BTC/USD’s upward trend dominates. However, Bitoin has entered the overbought zone, and typically a bullish correction exhales. Thus, the bearish bias dominates below 68,650 and vice versa. All the best!