Bitcoin has reached a new all-time high of $81,858 while decoupling from global stock markets, signaling a new phase of growth.
At press time, Bitcoin is trading at $80,944.72, marking a 2.42% increase in the last 24 hours and a significant 17.43% gain over the past week. This price movement has been accompanied by a trading volume of $78.6 billion, further highlighting the strength of the rally.
Bitcoin Decoupling from Stocks? Analyst Insights Point to a New Trend
Amid this milestone, crypto analyst Tuur Demeester has noted Bitcoin’s shift away from its traditional correlation with the stock market. Demeester’s analysis compares Bitcoin’s performance to the Dow Jones Global Index (DJW) from 2020 to November 2024.
The chart captures Bitcoin closing at 123.97 in the DJW index, a 13.32% weekly gain that positions Bitcoin near a long-standing resistance level at 124. Historically, this level has proven challenging to surpass, but Demeester’s insights suggest Bitcoin could be set for a breakout, distancing itself from traditional stock market trends.
This trend signifies a potential “decoupling” of Bitcoin from the stock market, as noted by Demeester, aligning with the technical breakout seen on the chart.
After 4 years of consolidation, bitcoin is at last decoupling from the world’s stock markets. pic.twitter.com/OUrNRHTKqd
— Tuur Demeester (@TuurDemeester) November 10, 2024
Bitcoin Attempt at Largest Weekly Candle Amid $81K Surge.
Yesterday, as Bitcoin rallied to an all-time high of $81,000, market watcher BTC_Archive highlighted a historic development: Bitcoin was on track to close its largest weekly candle ever, following consecutive days of setting new peaks.
Notably, Bitcoin traded as low as $66,000 last week before surging above $81,000. The weekly data shows Bitcoin opened at $68,742 and closed at $80,474.19, reflecting an $11,732 gain.
While this is significant, it falls just short of the record set in 2021, when Bitcoin added more than $12,000 in a single week.
Historically, large candles with high trading volumes, as seen during the 2017 and 2021 bull cycles, signal heightened interest and sustained upward momentum. This week’s trading volume surge points to renewed buying enthusiasm and bullish sentiment, with volumes reaching levels reminiscent of prior market peaks.
$1.29 Billion in Shorts at Risk as Price Nears $85,000
Notably, the increased volatility in Bitcoin’s price has placed significant pressure on short positions. Data from Coinglass shows that $84.39 million worth of Bitcoin shorts were liquidated in the past 24 hours.
In addition, analyst Ash Crypto highlighted the liquidation risk for short positions, with a potential short squeeze looming. If Bitcoin reaches the $85,000 mark, another $1.29 billion in short positions could be liquidated. This would likely trigger a major short squeeze, adding fuel to Bitcoin’s upward momentum.
🚨 LIQUIDATION ALERT 🚨
$1.29 BILLION SHORTS WILL GET
LIQUIDATED IF BITCOIN REACHES
$85,000. pic.twitter.com/Cw6rNXrjTu— Ash Crypto (@Ashcryptoreal) November 11, 2024
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
