Bitcoin is breaking records as a weekend BTC price surge delivers almost $82,000 to start the week.
- Bitcoin traders see BTC price upside continuing despite some concerns that a retracement may reach frightening proportions.
- Macroeconomic data releases continue to come thick and fast as United States presidential election fever gives way to the ongoing inflation narrative.
- After months of frustration, Bitcoin traders are finally seeing BTC/USD catch up with gold.
- BTC price gains may be impressive, but in percentage terms, there is still a long way to go before November 2024 matches historical average gains.
- Mainstream interest is picking up, but just like in Bitcoin’s last halving year, all-time highs have not opened the floodgates to mass retail inflows — yet.
Bitcoin traders diverge over future BTC price trend
Having reached almost $82,000, Bitcoin (BTC) is starting the week with a bang as BTC price discovery takes hold.
Data from Cointelegraph Markets Pro and TradingView showed all-time highs of $81,888 hitting on Bitstamp after the weekly close.
BTC/USD 1-hour chart. Source: TradingView
While some fear that a major retracement is in the cards, an overall sense of bullishness remained the driving force among traders.
“Passive sellers still pretty active around $81.5K. Alts lacking bid momentum so far as well,” trader Skew wrote in one of his latest posts on X.
Skew suggested that the start of the TradFi trading week in Europe and the United States would further bulls’ cause, potentially validating the “out-of-hours” weekend jump to new highs.
“Bids moving higher again but still lacking the volume & momentum like previous moves up,” he said about exchange order book liquidity.
“Probably coiling into EU/US hours.”
BTC liquidation heatmap. Source: CoinGlass
Longer-timeframe perspectives favor even more intense upside, with market participants flagging the seven-month consolidation phase seen on BTC/USD after its old all-time high in March.
“Bitcoin gave everyone a chance to buy breaks from Mar-Oct ’24,” veteran trader Peter Brandt said over the weekend.
“When BTC decides to ‘Mark-Up,’ it never looks back.”
BTC/USD one-day chart. Source: Peter Brandt/X
Brandt offered a BTC price target of $125,000 by the end of the year, having previously seen $130,000 coming only in Q3 2025.
The weekly close, meanwhile, satisfied conditions for Bitcoin to enter the “parabolic phase” of its current bull run.
CPI week takes over from US Election fever
US macroeconomic data will keep risk-asset traders on their toes in the coming days, with the Federal Reserve adding nuance to financial policy expectations.
The main events are the October print of the Consumer Price Index (CPI) and Producer Price Index (PPI), both key inflation gauges.
The Fed is currently grappling with mixed signals when it comes to the US battle against inflation, having cut interest rates by 0.25% last week amid weak employment.
More jobless claims data will come on Nov. 14, along with PPI and a speech by Fed Chair Jerome Powell on the economic outlook.
“Markets will also continue to digest earnings season, the election outcome, and the Fed meeting,” trading resource The Kobeissi Letter said ahead of what it called a “very busy week.”
Fed target rate probabilities. Source: CME Group
The latest data from CME Group’s FedWatch Tool sees another 0.25% cut coming at the Fed’s next dedicated meeting on Dec. 18.
“Overall, investor sentiment and risk appetite are historically strong right now,” Kobeissi continued in an X thread on Nov. 9.
“As we head into 2025, it’s clear that the economy is slowing and fiscal policy is uncertain.”
It added that despite the S&P 500 notching its own record highs of 6,000 points last week, such strong performance is “never sustainable,” pointing to year-to-date gains of nearly 50%.
Bitcoin brings back gold competition
Longtime crypto market participants now see Bitcoin attempting to play a game of catch-up — not with stocks, but with gold.
XAU/USD began rising in advance of Bitcoin while BTC/USD languished below previous all-time highs from March.
Uploading a comparative chart to X on Nov. 11, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, saw bulls now rapidly redressing the balance.
“Here we go. Shared this chart a few times – Bitcoin lags Gold a few months,” he told followers.
“When the breakout happens, expect rapid repricing.”
Bitcoin vs. gold chart. Source: Charles Edwards/X
Expectations are being boosted by a Bitcoin institutional investment milestone accompanying the BTC price breakout. Last week, inflows to asset management giant BlackRock’s spot Bitcoin exchange-traded fund (ETF) surpassed those of its gold ETF.
As commentators noted, the gold ETF has been on the market about 20 years longer.
Source: Bitcoin for Freedom
Last week, trading firm QCP Capital suggested that the combination of Bitcoin ETF inflows and spot price performance…
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