Bitcoin price: Unexpectedly skyrocketing
This morning (November 11), Bitcoin (BTC) - the world's largest cryptocurrency by market value maintained an increase of 2.27%, reaching 105,793.59 USD.
This new price contributes to bringing market capitalization to 2,110 billion USD, up 56 billion USD. Similarly, trading volume in the reversal period increased by 18.05 billion USD, reaching 69.18 billion USD.
Assessment and forecast
Data shows that long-term holders of Bitcoin wallets wallets with an average age of 5 to 7 years have moved Bitcoin to Binance at the highest rate since July, when the BTC entered the reallocation phase before peaking at $124,000 a month later.
According to data from CryptoQuant, the investor index shifting from individual wallets to Binance's exchange increased to a 4-month high on November 4, contributing to selling pressure that caused Bitcoin prices to fall more than 8% last week.
However, analysts remain bullish on Bitcoin's medium-term outlook.
When long-term assets move cryptocurrencies to a bank like Binance, it often signals that they are taking profits or restructuring their portfolios after a long stint. This is considered a short-term warning signal.
According to ArabXchain, Bitcoin is still holding around 106,000 USD, despite whale moves showing that the market is in a quiet reallocation phase, not having to sell off.
Although Bitcoin prices have fallen sharply since the beginning of November, analysts still recorded a positive pattern.
The capital flow into "permanent" wallets is still increasing steadily.
The actual price of long-term holdings has increased to about 78,520 USD, showing that institutions, investment funds and whale are continuing to buy at high prices, while "hard-handed" investors are absorbing short-term selling pressure.
"A real bear market will only start if Bitcoin breaks through the base cost of $78,500," said Mac_D on CryptoQuant. He also warned that in the short term, risks such as the possibility of the US government closing down and adjusting the stock market could increase price fluctuations.
