Bitcoin sets up nail-biting weekly close after Taproot goes live

Bitcoin (BTC), traded above a key area into the weekly close Nov. 13, after activation of Taproot soft fork.

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

What ETF reject?

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was above $64,000 as of Sunday, 10:01 UTC.

After briefly trading below $63,000, the pair gained the rest of Saturday. This was due to U.S regulators rejecting the first spot-based exchange traded fund (ETF).

Bitcoin was initially unfazed by this move and then returned to its normal self, reaching local highs of $65,350 via Bitstamp before consolidating.

Market participants celebrated Taproot’s launch, and not lamenting the ETF news.

Taproot is the most significant upgrade to Bitcoin protocol since 2017. It offers a multitude of benefits that impact everything, from security to efficiency in Lightning Network. This idea was originally proposed by Greg Maxwell seven years ago and is now a reality.

Pieter Wuille, a Bitcoin core developer, said that “the real work will be building wallets/protocols to build on top” in comments Sunday.

“I’m excited to see what that brings us.”

Cointelegraph reported that soft forks are historically preceding bullish periods in BTC prices.

Can Bitcoin “save the weekly close?”

Bulls are now facing a challenge to break the six-month resistance at their weekly close on Sunday.

Similar: Price analysis 11/12: BTC. ETH. BNB. ADA. SOL. XRP. DOT. DOGE. SHIB. LUNA.

The market was in darkness as the weekend ended, with Bitcoin putting in weaker price movements on Sundays and recovering on Tuesdays in recent weeks.

Is it possible to save the weekly for #Bitcoin
— Michael van de Poppe (@CryptoMichNL) November 14, 2021

Pentoshi, a trader, said that he was looking for the price to hold from April and for this to be a lower low. He also added daily timeframe analysis.

“The range that we don’t want back into is the one from which we just came.”

BTC/USD 1-week candle chart showing the range. Source: Pentoshi/ Twitter

“Moonvember,” still has a controversial end-of month price target of nearly $100,000