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Daily Bitcoin and Crypto Analysis

November 8: Daily BTC Analysis

November 9, 2021

Matt Blom

The crypto market as a whole, has registered a new ATH in total market cap, exceeding $3T

I figured I'd write today's musings a little later than normal, just in case we managed to print a new ATH. So far, we are not quite there, with $66,579 the top spot on a day that has seen Bitcoin climb a further 4%. The crypto market as a whole, has registered a new ATH in total market cap, exceeding $3T for the first time, Bitcoin will have to wait. The question is, will it limp through the level, or explode into the $70,000's?

Somewhat worryingly, we are seeing whales send BTC to exchanges, which makes me think the road to $70k BTC maybe harder than hoped. 

The other potential fly in the ointment is less clear. 

Open interest in futures contracts, supported by the SEC's approval of Bitcoin ETF's, has led to a steady rise in open interest. 


Normally, this is a good thing, and supportive of the trend. 

But normally, these increases go hand in hand with an increase in the trading volumes of the underlying assets. 

And we are seeing the opposite happen. 


One explanation for this is the basis trade. With the market frothy, perpetual and futures contracts are providing great yield for those long spot and short futures.  


It is strange to see a market approach all time highs, with volumes failing to show the enthusiasm imagined to support such a move.

We will be keeping a close eye on this metric, a break through the ATH and a sharp rise in volumes is the desired outcome. 

Technical Analysis

 


Bitcoin swept past $64,890, and has stopped just short of the current ATH of $66,999. 

We now wait for the seemingly inevitable, a break through $67,000 and a move towards $70,000. Our target still sits at $88,000, and with no precedent, resistance levels outside of round numbers, are anyone's guess.  


Failure to break the ATH will see Bitcoin rotate back to support at $64,890, with $61,788 now sitting as the key level the bulls must defend to keep this months attack on the ATH alive.  

Market Data



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