Bitcoin’s rebound this time came sooner than expected.
On November 4, $BTC rebounded from around $75,700 and has now climbed back above $81,000, gaining more than 7% in a short period.
Previously, the market was repeatedly affected by ETF outflows, exchange security incidents, and the U.S. midterm elections, with BTC testing support near $76,000 several times.
But the price quickly reclaimed $80,000 this time, suggesting that buyers are still willing to step in at lower levels.
More notably, during the U.S. midterm elections, the notional value of large BTC options trades reached around $660 million, including about $420 million in call options bought.
For now, I’ll be watching the 30-day moving average near $81,300.
If BTC can break above it decisively and hold there, the next levels to watch are $84,800–$85,000.
However, ETF flows remain weak, with cumulative net outflows of around $515 million over the first two trading days of November.
If BTC continues to rise while ETF flows turn positive again, this rebound could have room to run further.
On November 4, $BTC rebounded from around $75,700 and has now climbed back above $81,000, gaining more than 7% in a short period.
Previously, the market was repeatedly affected by ETF outflows, exchange security incidents, and the U.S. midterm elections, with BTC testing support near $76,000 several times.
But the price quickly reclaimed $80,000 this time, suggesting that buyers are still willing to step in at lower levels.
More notably, during the U.S. midterm elections, the notional value of large BTC options trades reached around $660 million, including about $420 million in call options bought.
For now, I’ll be watching the 30-day moving average near $81,300.
If BTC can break above it decisively and hold there, the next levels to watch are $84,800–$85,000.
However, ETF flows remain weak, with cumulative net outflows of around $515 million over the first two trading days of November.
If BTC continues to rise while ETF flows turn positive again, this rebound could have room to run further.