With its weekly close approaching $90,000, Bitcoin is moving closer to a significant milestone. The cryptocurrency broke several records during the week, thrilling traders and sparking discussions about its future. This week, here’s everything you need to know about Bitcoin.
1. Record Weekly Close Sets Momentum
The week ended with Bitcoin at a record high of less than $90,000. It strengthened the sense of a strong increase by closing higher than the prior week for the second straight week. The most significant consolidation support is $87,000, and investors are already anticipating a run toward $100,000.
2. Traders Prepare for $100,000 Volatility
The current price momentum suggests Bitcoin may challenge the $100,000 barrier. However, traders warn of potential turbulence:
- Key Levels to Watch:
- Support: $87,000
- Resistance: $90,000–$95,000
- Psychological Barrier: $100,000
Large-volume traders may trigger volatility around $100,000 to capitalize on market activity, leading to sharp price movements.
3. Market Sentiment Overheats
The Crypto Fear & Greed Index has reached “extreme greed” levels, hitting 90/100. This mirrors past peaks where excessive optimism led to market corrections. Traders are cautious about “fear of missing out” (FOMO) driving unsustainable price action.
4. Whales and Institutional Investors Accumulate
Large Bitcoin holders continue adding to their positions, supporting the bullish outlook. Institutional interest is also evident:
- Spot Bitcoin ETFs have seen holdings grow by over 425,000 BTC since January, now totaling 1.054 million BTC.
- Increased ETF demand is tightening supply, potentially pushing prices higher.
5. Federal Reserve Decisions Add Uncertainty
Macroeconomic factors could influence Bitcoin’s trajectory. The Federal Reserve faces stagflation concerns, with rising inflation and unemployment adding pressure. Key events this week include:
- Fed Speakers: Insights into future rate decisions.
- Economic Data: Unemployment figures, PMI reports, and consumer sentiment updates.
These factors may cause volatility across risk assets, including Bitcoin.
Bitcoin Performance Highlights
Metric | Value | Notes |
Weekly Close Price | ~$90,000 | Highest-ever weekly close. |
Monthly Performance | 30% increase (to date) | November remains strong. |
Q4 Performance | 40%+ gain | Bullish quarter continues. |
All-Time High Price | $93,500 (Nov. 13) | Testing psychological levels. |
Outlook
Bitcoin’s unprecedented momentum is grabbing attention, but caution is still a critical ingredient. Overheated sentiment and macroeconomic factors may introduce short-term volatility. With traders setting their eyes on US$100,000, the game remains one of risk management and positioning for potential buying on retracements.
Disclaimer
FAQ
Cryptocurrency is a digital form of currency secured by cryptography, not controlled by governments or banks.
Cryptocurrency wallets are digital tools for storing and managing your crypto assets.
Best practices for crypto investment include research, diversification, investing what you can afford to lose, and avoiding hype-driven investments.
