Bitcoin price hits 1-week high in minutes on sudden $1.5K gains

Bitcoin (BTC), after days of sideways trading, abruptly reached one-week highs Nov. 2, following a strong but brief breakout.

BTC/USD 1-minute candle charts (Bitstamp). Source: TradingView

BTC/USD: Upside action comes back

Data from TradingView and Cointelegraph Markets Pro followed sudden volatility in BTC/USD’s rise to $1,500 within minutes.

The pair was at its highest level since Oct. 25, when $63,400 was the focus.

Is #Bitcoin poised to explode?
— Michael van de Poppe (@CryptoMichNL) November 2, 2021

Popular analyst Filbfilb, along with others, anticipated the move, with chart signals flashing volatility Monday.

“Another little bit of a zero day for bitcoin.. still struggling about the MR line… next touching on resistance will be a fourth touch of the downtrend so a retest or breakout fits with what’s important to me,” he stated to Telegram channel subscribers along an annotated chart.

“We haven’t lost the MR line & encountered resistance there, but I expect the next move in the next 48-hours.”

Others pointed out Bitcoin’s relative strength indicator (RSI), now at 70, which is a classic “prelude to” an upcoming extended rally.

Small sample size but historically a 100% accurate prelude to a multi month rally
— //Bitcoin (@BTC_JackSparrow November 2, 2021

Cointelegraph reported that RSI levels are closely monitored to determine if there is a breakout or if there is an exit opportunity.

Bitcoin supply is further squeezed by funds

As November begins, bullish tendencies are increasing across the Bitcoin ecosystem.

Related: “Uptober” closes at a record high in the best month in 2021 — 5 things you should be watching in Bitcoin this week

Recent data show that, in addition to green on-chain metrics, investors are following February — the rise to the previous record of $64,900.

Funds bought more BTC than miners produced in October, which is the first time this has happened since the second month.

Table of Bitcoin fund purchases. Source: Jarvis Labs

In 2021, miners have been accumulators themselves. Only May’s China disaster has caused a rift.

Bitcoin miner reserves chart. Source: CryptoQuant