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Bitcoin Today 11/11/2024: BTC has its best week since March and reaches US$82,000
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Bitcoin (BTC) BTC recorded its best weekly performance since March, according to data from Coinglass. Last week, the cryptocurrency closed up 16.8%, confirming this month’s strong upward trend.
On Friday (08), BTC had already reached its all-time high after the speeches by the president of the United States central bank (Fed), but the movement intensified over the weekend. Until on Sunday (10), the cryptocurrency reached US$80,000 for the first time in history.
The upward movement continued this Monday morning (11), taking BTC to reach US$82,000. According to CoinGecko, BTC accumulates gains of 2.7% in the last 24 hours and its price is US$82,071. The cryptocurrency reached a high of US$82,200 throughout the morning.
But the biggest appreciation of the day in the Top 10 was Dogecoin (DOGE), which soared 22% and surpassed XRP and USDC in market value. The biggest weekly increase was Cardano (ADA), which appreciated almost 80% after its founder, Charles Hoskinson, announced that he is working with US President-elect Donald Trump.
Bitcoin starts bullish cycle?
The rise in Bitcoin price to $80,000 has created an atmosphere of excitement and caution in the community. With 100% of Bitcoin wallet addresses now in profit, according to data shared by Ki Young Ju, CEO of CryptoQuant, many see this as a pivotal moment in Bitcoin’s price journey.
“We often see a correction when the price reaches these levels,” Ju commented, suggesting that mainstream investors could start taking profits soon. However, if the bullish rally continues, the price of BTC could finally reach the long-awaited US$100,000.
The sharp increase in Bitcoin’s value also triggered the “Extreme Greed” level on the Bitcoin Fear and Greed Index, which now stands at 78. Historically, this level of market sentiment usually precedes price correction. Even in a bullish cycle, corrections can occur due to the realization of part of the profits.
Trading volume and open interest in Bitcoin derivatives have increased along with the recent price increase. The data indicates a 33.31% increase in trading volume, which reached US$78.12 billion, suggesting greater interest and activity.
Furthermore, open interest, a measure of total open interest derivative contracts, also increased by 4.16% to $48.78 billion.
With BTC’s new high, the immediate support for a further correction is the $75,000 to $76,000 range, which has served as a resistance zone in the past. If Bitcoin does indeed fall, this level could act as a basis for further appreciation.
Bitcoin Today 11/11/2024: BTC has its best week since March and reaches US$82,000
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Bitcoin Today 11/11/2024: BTC has its best week since March and reaches US$82,000
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Bitcoin Today 11/11/2024: BTC has its best week since March and reaches US$82,000
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Bitcoin Today 11/11/2024: BTC has its best week since March and reaches US$82,000
